From the horses mouth! - To You

Here is what the Real Estate agents have to say about how lease options work.... Find out more

Here are some features and benefits for the tenant/buyer:

- Faster equity growth: Equity accumulates much faster (five times or more!) than with conventional financing through a bank or lender.

- Rent money is working towards purchase: Every month a portion of your rental payment (typically $25-$100/week) is credited towards your deposit or off of the sales price.

- Option money is credited towards purchase: When you sign a Rent 2 Own contract, you will pay the seller an option fee. This money is your vested interest in the home and will be fully (100%) credited to you when you buy the home.

- Minimum cash out of pocket: When you purchase a home the conventional way, you must pay at least 5% down plus 5% closing costs (including stamps, duties, insurances and solicitors fees etc. When you buy with a Rent 2 Own, you only pay first month's rent and a small option fee.

- Frequently no more finance needed at settlement: Since you have given the seller an option fee and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay at settlement.

- Profits from appreciation: Since the sales price is locked in,(as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it's worth) is increasing in the home.

- Possible sale for a profit: If you are allowed to sell (assign) your option (it will be in your agreement), you may sell it to a third party for a profit.
Increased buying power: When you buy a Lease 2 Purchase home, you can put down as little as first month's rent and 1-2% of the purchase price as an option deposit. Compare that to a typical bank or lender who requires 5-30% down plus closing costs of around 5%.

- Credit problems okay + Easy Terms: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the landlord/seller.

- No lengthy mortgage approval processes: Your approval will be based solely at the discretion of the landlord/seller and can be as litle as a week or two, instead of a lender who can take up to a month (or longer) to get a decision.

- Control of the home: You will be put in full legal control of the home for a specified period of time without actually having to own it.

- No taxes, less liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced.

- Quick move in time: You can typically take possession of the home in a week or two (sometimes less), instead of conventional move in times of one to three months, after your offer was accepted.

- Maximum leverage: You are spending very little money to control a potentially very expensive, and very profitable, piece of real estate.

- Time: Before you actually buy the home, you will have 3-36 months (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighborhood and/or schools.

- Minimal maintenance: Large maintenance problems or any maintenance problems that exceed a certain amount of money can be delegated to the landlord/seller.

- Privacy: Your name will not be on the deed or in the public records until you exercise your option to buy.

- Peace of mind: You will have full control of the home and can maintain or improve it however you wish.

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