'Rent to Own' program is designed to
help you into your own home, right
now, even if you are in some situation
that makes it difficult or
inconvenient to actually buy today.
ON RENT TO OWN HOMES - LEASE
PURCHASE HOMES - LEASE OPTION HOMES.
Rent-to-Own homes or commonly
otherwise known as Lease Purchase
Homes, Lease Option Homes, Lease
Option to Buy Homes, Houses for
Lease Purchase Option - are a
wonderful alternative for people who
would like to purchase a home right
now but may need a little time to
acquire a down-payment or build up
their credit rating.
So what exactly does rent to own or
a lease purchase entail? A standard
rental lease allows you to live in
the home and there are usually
associated move-in expenses such as
a deposit and/or security deposit.
With lease purchase homes or lease
option homes, the "option"
agreement gives you the right to
purchase the rental home within a
certain period of time at an agreed
upon price. There is also usually an
initial "option" amount
due upon signing (similar to a
rental deposit) and a monthly
additionally payment which applies
to the purchase price of the lease
Buying a lease option home through a
rent to own lease is one way to save
for a down-payment while you get to
enjoy living in the house for lease
option purchase. But be sure to
fully understand this type of
agreement as you must be willing to
see the option all the way through
and make your payments on time or
you could risk losing the right to
purchase the home and any additional
option amounts you paid.
You will need to complete an
application to take out a
lease option on the
property. An application
fee is payable when the
application is lodged.
Consult a Lawyer for an explanation of the
Deed of Option to ensure
that it represents the
agreement reached with the
Seller for the Option to
Purchase the house.
Sign the Deed of option.
Sign the Residential
View Contract For Sale.
Complete the periodic
payment authority for direct
debit of rent and option fee
payments from your bank
Pay the Option fee.
Move into the property, look
after the property, pay your
rent on time when itís
At least 3 months prior to
the expiry date of the
Option, advice the seller
that you wish to proceed and
buy the property. Seek bank
or other financing as
required. Arrange for a
Legal Representative to handle the
purchase on your behalf.
Purchase the property and
stop paying rent.
sales of similar properties in the neighborhood of "Your Rent
To Own Home" suggest that the property could be worth $280,000.
This is your
purchase price: $280,000
deposit could be $10,000 (this is less than 3%)
payments on the Balance $270,000 at say,,, 8%*
would be approximately $1997 per month plus utilities etc.
the arrangements made in the purchase contract, of the $1997 per
month, sometimes up to $200 could be credited to the deposit
balance. This is obtainable on completion of the purchase. Over a 2
year period this will ad up to almost $5,000 in directed saving of
This is by
far a better alternative to waiting and trying to save a Deposit the
traditional way and the rates we provide are way below that of
traditional lender's "Low Doc" loans and those of Hard
Money lenders who's rates can be as high as 15% or more.
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