THE PAPERWORK
LEASE
The lease is a two year term that automatically renews for as long as you are in compliance with the lease and have made all payments under the lease. Our Pathway Program allows you to continue renewing for as long as it takes to become mortgage eligible and purchase the home yourself. The lease rate increases by 3% every 2nd year. Under our lease you are responsible for all maintenance and repairs and you have the ability to make any changes to the home. After all the goal is that you purchase the home soon.
RIGHT TO PURCHASE
The Right to Purchase Agreement gives you irrevocable right to purchase the property at anytime you would like so long as you are in compliance with the lease and are not in default. The right to purchase price is fixed at the total acquisition cost of the home (purchase price plus closing costs) plus, 2% if purchased within 6 months, 4% if purchased within a year, and 6% if purchased any time after 1 year. Customers find our Right to Purchase Agreement attractive because it does not expire and has a maximum amount of purchase price plus 6%.
