There are many benefits to a rent to own agreement when it’s done with a reputable company like Southeastern REI. We’re with you all along the way during the process. Read below to see how the process works!
– Southeastern REI
How Does A Lease Purchase Option Agreement Work?
The process for how to buy a rent to own home in AL is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local rent to own homes in AL that fit your criteria.
- If you like a home and want to apply, we’ll give you an application to fill out. Don’t worry – we help people with all kinds of credit and financial situations, and if you can afford the property, we can probably help you to own it.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time. At the end of the rental agreement you can decide if you want to purchase the home or not.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
Your lease option agreement (also known as the rent to own contract or lease purchase contract) will spell out the length of time that you have to complete the purchase of the property – typically 2-3 years, but in certain circumstances we may extend your option if you need more time to get your credit or down payment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!