Lease to Own Important Information
Lease to Own
W&M Properties currently offers a Lease to Own (LTO) option on specified properties. The LTO is an option for tenants to become homeowners. Applicants might need assistance in building credit, qualifying for a home loan and/or building funds for a down payment.
For Pre-purchase Buyers:
The LTO option provides an opportunity to make homeownership become a reality instead of just a dream. Qualified individuals who are motivated and willing to work quickly to reach their goals of homeownership move into the home now as renters, and become owners of that property in the near future. The homes have been modestly updated with new finishes and mechanics, whenever possible.
Here’s How It Works
The applicant leases the identified home for a specified period. At the end of the term the tenant is required to obtain financing (1). A portion the tenant monthly rental amount is returned at the property closing. The accumulated amount is credited to the homeowner via the closing settlement statement. A security deposit and a LTO deposit is required and also credited at the closing (2).
(1) Pre-purchased buyers must obtain independent bank financing by stipulated date.
(2) Stipulations Apply, please inquire within.
Lease to Own Helpful Definitions
A tenant who plans on purchasing the property of residency
An Amount determined to ensure rent; damages and other responsibilities are met by the residents.
Lease to Own Deposit
Earnest money that identifies the applicant’s interest to purchase. (amount is forfeit if contact is not honored
Lease to Own Rental Amount
A portion of the rent that is credit to the client at the property closing. (amount is forfeit if contact is not honored)