“I found the home I like. Now what?” It’s a natural next question after the search. We have put together some next steps with some of our trusted rent-to-own partners, that will help you on the Smart Path to Home Ownership.
Once you have identified your dream home, you can prepare an offer after negotiating the terms of the Rent-To-Own agreement. Our trusted partner Rocket Lawyer can help you with all your legal needs as it pertains to negotiating, making an offer, the rent-to-own agreement and the purchase agreement.
Once you and the Landlord-Seller have signed the Rent-To-Own agreement, we recommend getting a professional property inspection, a market valuation study, and a title search. Assuming the results of the inspection period are satisfactory, you move into the home and any down payment (i.e. deposit) you pay up front as part of the agreement generally becomes non-refundable.
During your rental period, you submit monthly payments to the Landlord-Seller and any rental credit portion of your monthly lease payment will remain in the escrow account until you purchase the home. Throughout the term of your lease, your credit repair specialist at Lexington Law 855-255-0109 will work with you to achieve your mortgage qualification objectives.
As your rental period draws to a close and you decide that you would like to purchase the home, you will need to work with your mortgage provider to pre-qualify for a mortgage.
Once you have been pre-qualified for a mortgage, you and the seller should agree on a Purchase Agreement consistent with the original terms in the Rent-To-Own Agreement, which would be signed by you and the Landlord-Seller.
After the Purchase Agreement has been signed, you will have approximately 30 days to conduct a property inspection, appraisal and title search as well as finalize mortgage documentation with the bank.
Assuming the results of the inspections are satisfactory and your mortgage documentation has been finalized, the transaction closes and you become a homeowner. Congratulations! We wish you and your loved ones a happy life in your new home!