Traditional Leasing Process
- You secure a Realtor to work with you.
- You review available homes for lease on the market.
- You make an application to lease a home.
- You pay an application fee, typically $50 per adult over 18, for each adult who will live in the leased property. (This does not mean you will lease the home – it is the fee you pay to be considered.
- You provide proof of identity and income.
- If your application is rejected, you start again at step 2.
- If your application is successful, you conclude a lease agreement with the landlord.
- You pay a security deposit which is typically between 1 to 2 months rent. If the rent is $1500, your security deposit is typically between $1500 and $3000. If credit is iffy, you can almost guarantee having to pay a security deposit equal to 2 months rent, if not more.
- You move in.
Home Partners Lease with an option to Purchase
Lease with an option to purchase is slightly different, and has additional benefits.
- You will work with one of our realtors.
- You make an application to the landlord to see if you will qualify. There is a one time non-refundable application fee between $75 & $99 per household, depending on the number of occupants age 18 and older. Compared to traditional lease, you pay less per household for the application fee if there are more than two adults who will occupy the home.
- If you are approved, you are authorized to review homes Listed for Sale or For Sale By Owner. You have more homes to choose from.
- Once you find a home you would like to lease, you complete an agreement with the landlord. The agreement specifies:
- The amount you will lease the home for over the next 12 months.
- The amount you can lease the home for in the 2nd and 3rd years if you choose.
- The amount you can purchase the home from the landlord for at any point in the following 3 years.
- Any repairs you request.
- The landlord then purchases the home and makes the requested repairs.
- You move in.
The main differences are:
- You are first approved by the landlord and then the landlord purchases a home to lease to you.
- You have the first option, in the next 3 years, to purchase the home from the landlord once you secure a mortgage.