Since they are buying the property, they take care of it and keep it well maintained. Plus we require they purchase a Home warranty to eliminate the repair worry and ensure necessary repairs are done. How Does it Work?
Sell Us Your House Rent-To-Own
Step 1: Step 2: Step Step You rent us your property with the right to buy your property for a set price. Our partner Credit Repair company helps the Tenant buyer repairs his credit, and apply for a mortgage before the end of the lease period. Frequently Asked Questions. Who handles the paperwork? Do I have to pay for that? We have all of the necessary documents to make the transaction happen.
Of course, you are always welcome to have these items reviewed by your real estate agent or lawyer at any time during the course of the transaction. How do I get my payment each month? We can set it up however you like. Some of our homeowners like for us to electronically send the payment each month straight to their bank account. Others prefer us to set up an escrow account where we mail the rent to the escrow account and the account pays the mortgage.
Lease to own Homes, Rent to own Homes | Dream America
You can call the escrow account anytime and request a statement of activity so you can see when the rent was paid and when the mortgage was paid. We can even set it up to automatically pay your lender each month and send you the difference. What if a tenant tears up my house? Who handles the repairs?
We investigate them thoroughly before entering into an agreement with them. Damages are rarely a problem.
In fact, in most instances we have found that our buyers many times have improved a house with new carpet or some other upgrades, such as fencing. If a damage occurs, the Tenant Buyer is responsible for day to day repairs that are needed on the property. Our contract also requires that the Tenant buyer purchase a home warranty on the property. This is also known as a Lease Option. Looking to get rid of the property quickly and have nothing more to do with it.
Landlords that are looking to sell their rental property. Homeowners that are unable to sell as buyers are not being able to get a mortgage. Get the full market value price for your property.
Make money on the rental, whilst having a fixed sale price in the future. Once the buyer completes the purchase you will then receive the remaining amount from the fixed sale price. I'm sure you have some questions. Here are some of the questions we get asked all the time with the answers. How long is the Lease Option period prior to final purchase? The period for the lease option before final purchase can vary and is agreed in the terms of the individual lease option contract.
Can the Lease Option holder decide not to exercise the option to buy and if so what happens then? There are usually break clauses within the Lease Option Agreement at given intervals at which time the Lease Option holder can decide not to pursue the agreement. In this instance the ownership of the property simply reverts in full back to the original owner i.
In that case the vendor will have had the benefit of the mortgage being paid for the entire period the option has been in place.
It is unlikely that the Option Holder would choose not to purchase at the end of the Option period. Will the lease option agreement cost me anything to set up? There should be no cost to the vendor in setting up the agreement. If the mortgage remains in my name, do I still have to make the mortgage payments? Under the lease option agreement, which is a binding contract, the lease option holder has to make the mortgage payments to your lender.
WHAT IS A RENT TO BUY IN SPAIN?
If the mortgage is still in my name, then I must still own the house and am liable for its upkeep? Under the lease option agreement, which is a binding contract, the lease option holder is responsible for the upkeep of the house and all maintenance. The mortgage remains in my name, therefore am I responsible for letting the property? Under the lease option agreement, which is a binding contract, the lease option holder is responsible for letting the property should they choose to do so.
Will I be able to secure a mortgage on another property whilst this house remains in my name?
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