If you think the process of buying a home is simple, then you are wrong. There are involved legalities, contracts, and paperwork. You have to think twice at every stage. After all, many make such financial decisions only once in their lifetime. No one wants to make an investment or sign a contract that can later become a burden.
If you have failed to qualify for a mortgage, and thinking to give up on your dream to own a home, then Dream America can still help you in turning your dream into reality but to understand their program you need to understand the idea of rent to own home in Dallas TX. Even those who cannot afford to pay the purchase price of home all at once have the right to live in their dream home.
What Is Rent to Own Home?
It is a program offered by many real estate companies to those people who cannot arrange lump sum money to buy a home. They offer clients to rent a home, and after a few months or years (as mentioned in the contract) when the tenant becomes capable of buying a home the contract will be cancelled. The ownership of the home is transferred to the tenant when he pays the purchase price of the home.
A percentage of the rent that the tenant pays is also considered to be part of the purchase price that the tenant has to pay. This percentage is decided with the mutual consent of both parties. Various terms can conditions can be added to the contract regarding purchase price, rent, maintenance of the property, and timeline etc.
How Does Rent to Own Home Process Work?
Now you are aware of the basic idea behind rent to own home, you will comprehend well the process of renting a home to own followed by Dream America.
Selecting a Home
If someone wants to buy a home but he failed to qualify for a mortgage and could not get the loan, he can come to the companies like Dream America offering rent to own home programs. The buyer is given the choice to choose the home that he likes. A team of experts will evaluate the market price of the property that he wants to buy.
Dream America facilitates its clients with the option to either decide the purchase price when the contract ends or you can get the expertise of the team Dream America to calculate the expected purchase price of the home in the future. If you have any other option in your mind then you can discuss it with the real estate agent and add it to the contract.
Rent of the Property
The rent that the tenant has to pay on monthly basis is decided with the consent of the buyers and sellers. Moreover, the percentage of the rent that will be cut as part of the purchase price is also decided beforehand and mentioned in the contract.
The time for lease can be a few months or a few years depending upon the choice of the buyer. Whether it is a matter of years or months, in both cases property needs maintenance from time to time. You must talk with your real estate agent, who will be responsible to pay for the maintenance of the property during the time of lease.
Cancel the Rent to Own Home Contract
If your financial conditions allow, and you intend to buy the home that you have rented, you can ask your real estate agents to cancel the contract. However, if conditions written in the contract do not allow you to cancel the contract, then you can wait for the completion of the lease time period.
When the time mentioned in your contract ends, and you are still unable to arrange money to buy this property, Dream America provides the opportunity to renew the contract. You will get more time to arrange money while living in the same home that you want to buy.
This was all about the basics of the lease or rent to own home, but there are many details that one must know when signing the contract. You can contact Dream America to know more about it. They have a team of experienced real estate agents to help you get the home that you want.