Our Lease to Own process will help renters/buyers and investors/sellers come together, find the perfect home, go under contract, and then we will see it thru to the end until the buyer closes.
Investors/Sellers Let us know that you are interested in being a part of this process. An agent will be in contact with you and will determine if you already have a home that you would like to have in the system or if you are interested in purchasing a home that a qualified tenant/buyer has picked out.
Renters/Buyers Let us know what you are looking for, what your current situation is, and we will come up with the perfect plan to reach your goal together. See if you qualify now.
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How a Lease purchase (or Lease to Own) contract works
A lease purchase contract is a little different then a lease with option to purchase contract.
Lease with Option to Purchase is a form of real estate purchase which combines a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home. The price of the home is explained in the contract and the tenant/buyer has a certain amount of time to utilize this option. The tenant/buyer pays the landlord/seller a non-refundable option deposit that is applied to the purchase price of the home at closing. It is a fee paid to the seller to reserve the buyer’s exclusive right of purchase. In the event the tenant/buyer does not choose to purchase the home and utilize the option the option money would be retained by the landlord/seller and it is non- refundable to the tenant/buyer.
Lease Purchase Contract is a lease combined with a contract for sale where the price is negotiated and the closing date is specified as the same date the lease ends. The contract for sale is still contingent on the buyer/tenant obtaining their financing, and they still have the right to an inspection (just as any sale contract might spell out). The tenant/buyer then pays a sum that is equal to the monthly rental amount, plus a security deposit, plus earnest money for the sale end. Sometimes it can be negotiated that a portion of the monthly rent can be applied to the purchase price of the home at the end. All aspects of the contract and lease can be negotiated before it is finalized.
These contracts are commonly used where a buyer wants to purchase a home, but due to credit issues would not qualify for a loan yet. Other times a buyer would do one of these contracts in order to save money for a down payment and closing costs.
Our agents can help the tenant/buyer find the lease purchase property and write up the contract and go over it with you extensively.
Our agents can market your home as a lease purchase property and give you the peace of mind with our expertise on the contract phase.