Lease Purchase Steps:
- Reach out about the property to 314-312-3271
- Answer some simple questions on the phone
- Verify identity and setup showing
- Create Innago account and fill out application (Innago)
- Background check thru Innago
- Final Buyer Interview – pay earnest fee in Innago
- The refundable earnest fee is typically 10-20% of downpayment
- Don’t forget to ask about the monthly downpayment assistance program
- Manager reviews all documentation and grants Initial approval
- Law Office prepares documents and sends to both parties for initial review
- Schedule closing with Law Office
- Pay rest of downpayment and conduct closing at lawyer’s office
- Move into your new home
Lease Purchase Questions?
Q: What are the benefits to Lease Purchase?
- Move in now and own later
- No banks
- We work with all credit types
- Flexible terms
Q: What if I can’t buy at the end of my term?
We’ll restructure the terms and we will do our best to make it work for you. Our intention is for you to buy the house, not rent it forever. Therefore, we will do what we can to make that happen. You will never lose your credit as long as you ultimately buy.
Q: Do you take care of repairs?
No! You do. It’s part of your consideration for the lease option. When you own, you do your own repairs. As soon as we give you the keys, we consider you a pre-owner. However, we do guarantee all major systems for the first 30 days so you’ll have a chance to check them out and feel comfortable. We also recommend you get a home warranty policy.
Q: Do I get my downpayment back if I don’t buy?
No. We are giving you control of an expensive asset for years. We give up control and have to wait for you to decide when and if you want to buy. Therefore, we require a non-refundable downpayment, which is normal in most lease option agreements. When you buy, your downpayment will be credited toward your purchase. You do intend to buy, don’t you?
Q: Can I have my attorney look over our lease option agreement?
Of course. However we won’t change anything in it of any consequence. So, before you do that, I suggest you read it over and bring up any points you need to discuss, then if you feel it’s a go feel free to have your attorney look it over. Of course we will still be interviewing applicants in the meantime and based on the number of calls we are getting, it won’t take long.