“There are many benefits to a rent to own agreement when it’s done with a reputable company like The Antonov group. We’re with you all along the way during the process. Read below to see how the process works!”
– The Antonov group
How Does A Lease-Purchase Home Agreement Work?
The rent to own process is actually pretty simple.
- Join our property list and tell us what type of home you’re looking for, your budget, etc (START with the form to the right)
- We’ll send you local Minnesota rent to own / lease option homes that fit your criteria.
- If you like a home and would like to see it, call and set up a showing. If you like it and can afford the property, we can probably help you to own it.
- After you’re approved to rent the property, we’ll agree on a monthly rent amount and the future purchase terms. Then just sign the documents and move on in!
- Move in and pay your rent payments on-time… then at the end of the rental agreement you can decide if you want to purchase the home or not.
- While you are renting the house, we can work with you to improve your credit, and eventually help you qualify for a mortgage to buy the house at the end of your lease.
- In certain scenarios, we will finance the property for you, no banks involved, if you are able to show the ability to pay rent on time each month. In these cases, after you have paid the rent on time for 12 consecutive months, we will finance it for you, you will own the home, and your monthly payments will go down. Check the property list to see if a particular property qualifies for our owner finance program.
THERE IS NO OBLIGATION to purchase the home after the rental agreement expires.
How Long Are Rent To Own / Lease Option Terms?
Your lease/option agreement (also known as the rent to own contract) will spell out the length of time that you have to complete the purchase of the property – typically between 12 and 24 months, but in certain circumstances we may extend your option if you need more time to get your credit or downpayment up to the point where you can qualify for a bank loan.
The purchase of your home usually takes place through a traditional mortgage loan, but there are other ways to complete the purchase, depending on your finances.
That’s the process!
Once you’ve completed your mortgage, you’re done – now you own your home!