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Lease to Purchase Program
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With the Right to Purchase program, you are given a chance to find your dream home and live in it now by leasing it up to 5 yrs. Within that time frame you will have the Right to Purchase if you desire, or walk away after each 1 yr lease term.
What is the Lease with a Right to Purchase Program?
Our Lease with a Right to Purchase Program allows you to find a home that you want to rent initially, but have an option to buy it any time within the next five years.
We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time.
Within five years you may purchase the home at any time at a predetermined price in accordance with the Right to Purchase agreement.
2. Who is eligible for the RTP Program?
Certain minimum criteria for program is required. Your household must have an annual income of $45,000 or more. You must have stable employment. We cannot accept you into our program if you or anyone in your household has a history of eviction or a pending bankruptcy. Everyone in your household will be subject to a criminal background check.
3. How do I apply to the RTP Program?
Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information, including residence and employment history, for each member of the household. You also must provide income verification for each member of the household whose income is to be considered in determining the rent approval amount in order for your application to be considered complete. If you are moving from a different state or starting a new job, we will need confirmation of your new job and income.
We will usually make a decision on your application within 1 to 3 business days of receiving all required information.
4. How much does it cost to participate in the RTP Program?
We have a one-time Application Fee between $75-$99 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.
5. Why might my application be denied?
We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
6. How do I find a home once I’m approved?
An agent from the Julia Brown Team at SellState Priority Realty will help you to search for homes that meet the purchasing criteria. Generally, this means that the home should be:
1. Located in an approved community (Approved areas/communities do change regulary);
2. Listed for between $100,000 and $400,000, though exceptions apply;
3. Located on a lot no more than two acres with a minimum of two bedrooms;
4. A single family home or fee-simple townhome; condo associations, condo interests, commercial and multi-family properties are not eligible for the RTP Program;
5. A traditional sale. Short sales, auctions, and REOs are not eligible for the RTP Program;
6. Free from material deficiencies, HOA fees, high property taxes, high risk flood zones, and assessments.
7. No guest houses/ in-law suites with separate entrances;
At the current time, homes may be purchased with pool. (Homes with hot tubs will not be considered)
Once you have selected a home, your agent with the Julia Brown Team will submit it to be considered for purchase on your behalf to lease.
7. Is there a required deposit?
Yes. Generally, we require a deposit equal to two months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed) is also returned to you if you exercise your Right to Purchase the home.
8. How long does it take from when I select a home to when I move in?
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs. You will be kept informed throughout the entire purchase process via email.
9. What happens after I move in?
You are a tenant! You have entered into a lease for one year and are bound to the terms of that agreement. Landlord will collect your monthly rent and perform any necessary repairs that is their responsibility after you move in.
10. Are the monthly rent payments that I make applied to the purchase price of the home?
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Right to Purchase, you must pay the full predetermined price as set forth in the Right to Purchase Agreement. The Right to Purchase Agreement will reflect an increase each yr of 3% or market value for both the home purchase price & rental amounts. These amounts will be agreed upon before you enter into any contract.
Example of Right to Purchase & Rental amounts
11. How do I exercise my Right to Purchase?
You can exercise your Right to Purchase at any time during your Lease. However, you must provide Landlord with that notice in writing at least 60 days before you want to complete the purchase. Once you notify us that you want to exercise your Right to Purchase, you will be contacted to get the process started. In addition, the closing date must occur before the end of the applicable Lease term.
12. Do you provide me with a mortgage or other financing?
Landlord is not a mortgage company and we will not provide or arrange a mortgage loan for you. We cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.
13. Can I have pets in my home?
Tenants are allowed a maximum number of three (3) pets (cats or dogs) weighing less than 180 pounds in total combined weight. Landlord expressly prohibits the following dog breeds (including partial mixes of same): Doberman, Pitbull, Rottweiler or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens and goats, aquariums over 20 gallons, and exotic, venomous and verminous pets, are not allowed. There is a $300 nonrefundable fee per pet. Although, the pet fee is refundable if you elect to purchase of the home. Please note that although assistance animals are excluded from the pet policy requirements, supporting documentation is required to qualify as such.
14. Can I make changes or modify the home?
As a Tenant, you will not be able to make any changes to the home unless approved by the Landlord. Once you
your Right to Purchase and become the owner of the home then you may make changes or modify the home as you desire.
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