LEASE (RENT) TO OWN

WHAT IS A LEASE-OPTION?

Simply defined, a lease-purchase is a lease agreement, combined with a purchase contract. Through a lease-purchase agreement, a buyer leases a property (usually for 1-2 years) and then has the right (or option) to purchase the property on or before the end of that agreement. During the lease period, the seller applies a percentage of the monthly payments received from the buyer, along with the down payment or “option money” towards the purchase price. This arrangement gives the buyer time to save enough cash, and or to clean up their credit to take title to the property they are leasing/renting on or before the end of the lease-purchase period by qualifying for a new loan, assuming an existing loan or by working out some type of owner financing.

 

WHAT ARE MY BENEFITS AS A TENANT/BUYER?

  • Very low down payment (1%-5% vs. 10% to 30%).

  • No loan qualification.

  • Down payment is credited towards purchase price.

  • Price protection on purchase.

  • Profits from any appreciation.

  • Time to check out the home and neighborhood.

  • Time to obtain the best financing.

  • No taxes to pay to until you purchase the home.

  • Buys time to repair credit and or develop needed down payment for loan.

  • Quick move in time (no waiting for bank approval).

  • Controlling property is better than owning property.

  • You can live in the home of your dreams today and buy down the road.

  • Never have to rent again. 

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