QUESTIONS & ANSWERS

Q. How much of my rent is applied toward ownership?

A. Up to 20% of your rent can be applied toward ownership depending on your initial investment. As an example if your initial investment is 10% on a new construction home then you would get a 10% rent credit.

Q. Can I make improvements to the home?

A. Yes. The purpose of rent-to-own is for you to have the benefits of ownership which include improvement to home, equity appreciation (rent credit) and value appreciation.

Q. Who maintains the home?

A. You the new owner maintains the home. This includes gardening, pest control, and all utilities.

Q. May I rent to own a condo?

A. Yes, you may select a condo. Be aware that the condo maintenance fee will affect the monthly rental.

Q. What is included in the rent?

A. The rent includes the mortgage payment, real estate taxes, insurance and any home owners association fees.

Q. Am I responsible for home owner association fees?

A. No, the rent includes this expense.

Q. What if something breaks in the Rent-To-Own home?

A. Most properties available on the web site are new or fully renovated and have new appliances under warranty from the manufacturer; However, you are the new owner and it is your responsibility to maintain your property. Property inspections are always available at the owners expense.

Q. What if I want to upgrade to a larger home during the rental period?

A. You may upgrade to a larger home before the end of the rental period and your initial investment will be applied toward ownership along with your rent credit. Additionally, you will avoid paying closing costs, real estate commissions, and capital gains tax when upgrading. Please bring this up as a potential option when entering into an agreement.

Q. What is the minimum rental time period?

A. One month is the minimum time period.

Q. What is the maximum rental time period?

A. 5 years is the maximum time period; However, most agreements are for 2 years.

Q. Do you accept relocation packages?

A. Yes. We work closely with relocation departments of major corporations.

Q. May my employer pay my rent?

A. Yes. You may have any party pay your rent.

Q. May the government pay my rent?

A. Yes. We work closely with HUD and government reimbursements.

Q. May I use roommate rental income to pay the rent?

A. Yes. Unlike mortgage lenders we understand the importance of coordinating all your resources when buying a home.

Q. May I sublease?

A. Yes. You may even use our system to invest in real estate.

Q. What is my minimum initial investment?

A. In most cases your minimum initial investment can be as low as first months rent, last months rent and a security deposit; However, rent credits are only applied to agreements that include a 10% initial investment.

Q. May I use an attorney?

A. Yes. We use a standard contract from office depot titled "Agreement To Purchase Real Estate" and/or "Lease Purchase Agreement".

Q. May I rent any house of my choice?

A. Yes. You may select the house you will rent to own; However, we will have to agree on its investment potential.

Q. May I take advantage of new construction pricing?

A. Yes. An additional way for you to save is to enter into an agreement on a new construction home or condo.

Q. May I use Rent-To-Own to buy an investment property?

A. Yes. The property must have a high propensity for increased value.

Q. May I pick out a commercial property?

A. Yes. Typically office condos are accepted yet office buildings are not.

Q. What if the home goes down in value before I close on it?

A. You are under no obligation to close on the property.

Q. Are furnished homes available?

A. Furnishings can be included in the rent to own agreement depending on the amount of your initial investment.

Q. Is there a late fee on the rent?

A. Yes. Typically the late fee is equal to your monthly rent credit so it is essential that rent be paid promptly. Also, your lender will send us a "VOR" Verification Of Rent to help you attain mortgage financing.

Q. Am I under contract for the purchase, in other words, what are my guarantees that the home is mine?

A. Both parties are entered into a Sales Agreement with a closing date occurring at the end of the rental period. We are under a contractual obligation to sell you the home at the agreed upon price.

Q. May I use a Realtor?

A. Yes. We welcome Realtor participation.