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Yes, absolutely. Our program is very simple. You sign a one-year lease, with no additional obligation to renew. Once that lease is up, you have the right to renew, and can do so each year for up to four additional years.
If you decide not to exercise your right to purchase, that's fine. Simply vacate the property at the end of any one year lease period and get your security deposit back providing your are compliant with your current lease and move on.
"HPA" has certain minimum criteria for their program:
Every member of your household who is 18 years of age or older must complete the Pre-Qualification Application and the Full Application. The Full Application requires certain information including:
"HPA" takes several factors into consideration when reviewing an application, which include:
"HPA" will usually make a decision on your application within 1 to 3 business days of receiving all required information.
We have a one-time Application Fee of $75 per household that must be paid online as part of the application process. This Application Fee covers all applicants in the household and is nonrefundable.
Here is a good comparison:
"HPA" takes several factors into consideration when reviewing an application, which include:
"HPA" considers the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
You should work with Rent 2 Own Orlando to search for homes that meet our purchasing criteria. Generally, this means that the home should be:
No. The homes shown on "R2O's" website and "HPA's" website are listed for sale in the markets in which "HPA" operates. This list of homes automatically feeds into "HPA's" website from a listing service and is updated on a regular basis. However, we cannot filter for certain criteria such as whether a town home is or is not fee-simple so there is a possibility that a home shown on our website does not meet our minimum eligibility criteria.
The information on available homes shown on both website is for informational purposes only and cannot be guaranteed by Home Partners.
Yes. Generally, "HPA" requires a deposit equal to two months’ rent. This deposit is not applied towards your rent. If you decide to leave the home at the end of any one-year lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed to Home Partners) is also returned to you if you exercise your Right to Purchase the home.
On average, it takes approximately five to six weeks from the time we enter into a purchase agreement for a home until the day you are able to move in. There are a number of variables that may affect the move-in timeframe, including the length of negotiation with the seller leading up to when we enter into a purchase agreement, what the home inspection reveals with respect to required repairs, and the renovations you request. We will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
You are "HPA's" tenant, and "HPA" is your landlord. You have entered into a lease with "HPA" for one year and are bound to the terms of that agreement. "HPA" will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Right to Purchase, you must pay the full predetermined price as set forth in the Right to Purchase Agreement.
You may notify us at any time that the Lease is in effect that you would like to exercise your Right to Purchase. However, you must provide "HPA" with that notice in writing at least 60 days before you want to complete the purchase. Once you notify "HPA" that you want to exercise your Right to Purchase,"HPA" will contact you to get the process started.
You can exercise your Right to Purchase at any time during your Lease. However, you must provide "HPA" with written notice of your intent to exercise at least 60 days before you want the sale to close. In addition, the closing date must occur before the end of the applicable Lease term.
Neither "HPA" or "R2O are a mortgage company and as such will not provide or arrange a mortgage loan for you. Neither "HPA" or "R2O" cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase.
"HPA" does allow up to three pets (cats or dogs) with a max weight limit of 180 pounds total. For dogs, you must not have a Doberman, Pitbull, Rottweiler or Mastiff. "HPA" does not allow for other animals such as pigs, horses, chickens, goats, etc. There is a $300 per pet fee in most states. This fee is due with the required deposit and is refundable in the event you purchase the home. Otherwise, it is not refundable.
Copyright © 2022 Terry Real Estate Services, PLLC
a fLORIDA rEAL eSTATE pROFESSIONAL lIMITED lIABILITY cORPORATION (pllc) - cq1062870
dba "Rent 2 Own CENTRAL FLORIDA sERVICES" - All Rights Reserved
lEN tERRY, qUALIFING bROKER (bk3000273), gri rEALTOR & mANAGING mEMBER
aCTIVE mEMBER OF tHE fLORIDA & nATIONAL rEALTOR aSSOCIATIONS
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