Yes…when you go through our Lease Buy Back program the title stays with the Investor who funded your application.
However, you are never without legal right to the title of the property as the Purchase and Sale agreement to buy the property back is signed “before” the Lease Buy Back program is started.
As a general rule it is capped at 90% of the property value but on exceptions we can consider 95%
There is no Interest rate used when calculating payments. Our Payments are based on lease factors which adjust according to down payment, location and overall risk of any application.
Our payment includes a portion for Down Payment Top Up (20% of total payment – included in payment total when quoted), Property Taxes, Home Insurance.
Be prepared for the following expenses:
· Appraisal Report
· Inspection Report
· ILA – Independent
If the issue is related to an unexpected life event during the lease but you have made your lease payments on time, we can extend the lease until you get by the life event and get back on track.
If you have missed payments or have failed to follow the Credit Management, you are at risk to lose your Down Payment and accumulated Option Credits.
As the home will be your future home and as you are the tenant, you will be responsible for the upkeep of the property.Before any Rent to Own program is started, there is a Home Inspection completed. This Inspection is to ensure all parties to the program understand the condition of the home.
If there any repairs to be done before or after close, the repair schedule is agreed to before the program starts. This schedule will outline the repairs, estimated costs and who will be responsible for their completion.Once the program starts, the maintenance of the property will be as detailed in the Lease Agreement between the Tenant and the Investor/Funder. Again, this will be your future home so keeping it in a good state of repair will benefit you are the end!
When you make a Rent to Own Payments to your Investor/Funder, the Investor is expected to use the funds to make sure the Property Taxes and Home Insurance are paid on the Property.
You get to choose the home with your Realtor. We do not force Tenants to use our Realtors and honor the relationship you have with your Realtor.
If you do not have a Realtor, we have been working with Rent to Own trained Realtors for years and can make 3 referrals to you if needed…you pick the Realtor and the home!
As with any Property you will own, you want to make sure the “bones” of the property are strong. Things like Roof, Doors and Windows and Mechanical Systems.
As this will be your home, you are expected to arrange and pay for a home inspection as part of the process.
If you need help selecting a Home Inspection company, we have references which can be provided.