Steps Involved In Our Rent To Own Program
Ok, so you want to do a Rent To Own. Well, there are 2 parties involved in a Rent To Own transaction, the Tenant and the Investor. The Tenant will Rent the home from the Investor for a period that is determined by their credit and their ability to qualify for a mortgage.
We will meet with both the Tenant, at our office, and together we will determine the monthly rent, Option to Purchase (Tenants right to buy the home) and Lease Option Credits (how much the Tenant will save) based on the value of the home to be purchased.
Now that both parties agree on the financial obligations of the Rent To Own, its time to start thinking about what kind of home and where to purchase. Our parent company, Smart Home Choice Inc, will work with both parties to ensure that the Tenant finds the right home at the right price and will take care of drafting up all the paperwork…the Agreement to Lease and the Option to Purchase. The sale of the home will be conditional for a period of 7 – 14 days. During this time we will work on
Congratulations! You have purchased a home and are now almost ready to begin the Rent To Own stage, but you do want to make sure you’re legally protected, right? We will encourage you to visit you Real Estate lawyer who will help make the Rent To Own forms legal and binding…so at the end of the Rent To Own term there are no concerns about how to proceed. The sale of the home will be conditional on both parties getting the go ahead from the Lawyer.