Lease Option - Rent To Own
- Are you having trouble qualifying for your own home right now but want to be a home owner?
- Are you a previous homeowner and just need a little time to repair your credit?
- Are you a tenant looking to move to a new area as a homeowner, but don’t want to throw your money away on rent?
Then this is the right program for you!
When you apply for our Optionee Program, you will submit an application and enrolment fee $199 to become part of our active database. We will screen your application and make recommendations to you based on your situation and profile. Once your profile is live (within 24 hours), you can post what you’re looking for on our Wish List, browse all active listings, and apply for current properties we have on our site that meet your needs.
Don’t see a property on our current listings? Then post what and where you’re looking for on our Wish List and homeowners, investors, landlords, and even our representatives can contact you with properties that meet your needs.
Once you find a property you like you will finalize the terms of the Lease Option Agreement and be granted the exclusive right to purchase it at the end of the lease term.
Let’s take a closer look at the process so that you understand what will take place as an Optionee:
- You will enroll in our Lease Option Program for Optionees.
- In 24 hours, your profile will be live and you can obtain all the information you need on properties in our current listings and also post a description of what you’d like on our Wish List.
- Once you locate your desired property, either from the current Property Listings you will work on the terms of the property and lease details with the owner. These include the term of the lease, the monthly payment, the option deposit amount, the purchase price of the property and the amount of the credits.
- You’ll also work out the terms regarding the exercise of the option (such as extending the original lease period, obtaining financing within 36 months, who will pay for inspections, work and warranties when the time comes to complete the purchase, etc.).
- Together with the homeowner, you will complete a Lease Option Agreement form.
- You’ll move into your home.
- Have the option to purchase it towards the end of the lease term.
- If you choose to purchase it you’ll fill out a Purchase and Sale Agreement and complete the sale of the home.
It’s a fairly simply process which really begins once you fill out the Lease Option Application Form. This will help us determine what assistance we can be for you and also set you up with a login to access property details and post your ideal property.
A common program or terminology for what some may refer to as a lease option is Rent-to-Own or Lease-to-Own. A Rent-to-Own home is a bilateral agreement where the Tenant/Buyer must buy the home at the end of a term from the Landlord/Owner/Seller. Both parties must fulfill their end of the transaction. There is no option to walk away from the Tenant/Buyer. With Rent-to-Own, there are monthly payments and an agreed upon purchase price. At the end of the lease term, the two parties sign a Purchase and Sale Agreement for the home.
Just like Lease Option properties, there are benefits in a Rent-to-Own situation such as:
- Living in the home you desire to purchase
- Time to establish/repair your credit
- Time to save up for a down payment
- Time to acquire a mortgage
- A known and locked in purchase price
- Agree upon credits towards the home purchase
- Ability to purchase the property at any time during the lease term (if this is a clause in the Rent-to-Own Agreement)