FAQ

Q.   “What is a Lease Purchase?”
A.   A lease purchase is a great way for someone who currently has credit problems and/ or other issues related to securing a bank loan (ie.  Lack of seasoning with current employer, or lack of self- employment history).  A lease purchase allows a tenant to move into a property with the option of purchasing the property down the road.  A major benefit of this arrangement is that a substantial portion of the monthly rent will go towards the purchase.   Our lease purchase program gives a tenant the right to purchase a property anytime within 3 years.  As mentioned before, the only requirement is the consideration deposit.    

Q.   “What’s the difference between lease purchase and owner financing?”
A.   Owner financing is when the owner is both the seller and the lender in a transaction.  The biggest difference is that ownership of property legally transfers from seller to purchaser.   It is just like a purchase where a bank is involved in that there is a closing conducted by attorney who handles all paperwork governing the transfer of title.   With a lease purchase, the owner still holds legal title to property.

Q.  “Who pays for homeowners insurance and property taxes on a lease purchase?”
A.  We pay for homeowners insurance and all property taxes during the lease period. 

Q.  “What if I move in and a major system in the house doesn’t work?”
A.   We provide an inspection period on all our properties.  We warrant everything to be in working condition upon move- in.  If not, all tenant has to do is submit repair request as long as they are still within inspection period. 

Q.  “What happens to my deposit?”
A.  You will be credited for this at closing, resulting in a decrease in purchase price equal to your deposit. 

Q.  “What are the qualifications for owner financing?”
A.  At a minimum, you must have 10% to put down.  If you do not have this amount, then we will need to do a lease purchase.

Q.  “Do you accept Section 8 vouchers?”
A.  Yes, we welcome section 8 tenants.