Lease Option may be the way for many home buyers

Often the biggest obstacle to becoming a homeowner is coming up with enough cash for a down payment. One way for cash-strapped home buyers to realize their dream is to lease a home with an option to buy.
Here's how a lease option works. The buyer (called an optionee) leases the property from the seller (called an optionor) for a period of time. The lease contract gives the optionee the right to buy the property at the end of the lease period, or earlier by mutual agreement, at a price agreed upon in the contract.
The optionee pays a sum, called option money, to the seller at the onset of the lease. This money is applied to the purchase price if the option is exercised. The option money is forfeited to the seller if the optionee doesn't go through with the purchase.
Like any contract, the terms of a lease option are negotiable: the length of the lease, the amount of the option money, the purchase price and the rent. Sometimes, a seller will agree to credit a portion of the rent toward the purchase, providing an additional incentive for the buyer to go through with the purchase.
Even though the amount of the option money is negotiable, it's usually less than the down payment amount required to purchase an equivalent property. So, for relatively little upfront cash, a lease option allows the buyer to tie up a property at today's prices, and live in it before deciding to buy it. During the lease period, the seller cannot sell the property to another buyer.
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