Lease To Own Program
Welcome to the Lease to Own Program offered through the Davis Group Real Estate Team. This program is designed for people who want a place to live today and wish to secure financing from a bank to own the home tomorrow. Highlights of this program include
- The ability for tenants to rent a home they want to buy in 12-36 months.
- Tenants shall pay a $40 application fee upon submission of lease for approval.
- Requires a verifiable income that can cover lease payments. We are looking for no more than 35% of your monthly take home pay to cover lease payments.
- No evictions or nonpayment of past rents on credit report
- Lease options require a non-refundable deposit. This is not a security deposit as with a normal lease. This deposit gives the tenant the right to purchase the property later and will be counted towards down payment required by the lender to purchase. If the tenant does not wish to purchase when the lease is up, they understand they will not get the non-refundable deposit back.
- The tenant shall cover minor repairs to the property. Owner shall cover any major repairs and this shall be spelled out in the lease agreement.
- Tenants agree to work with a lender that the owner agrees who will focus on getting tenants a loan. Tenants shall follow lenders’ instructions in positioning themselves to be able to get a loan.
- Tenant understands this is an option agreement. They can decide to not exercise the option if that is their choice.
Jeff Davis – Manager
The Davis Group Real Estate Team
www.thedavisgroupbuyshouses.com
909-257-7735