Berkshire Hathaway HomeServices, together with Home Partners of America, Inc., introduces "A New Path to Homeownership®" This Lease With A Right To Purchase program program is designed for potential buyers who may not yet qualify for a mortgage or may be unsure about purchasing or renting. Terms and conditions apply.
Home Partner's Lease With A Right To Purchase Program allows you to find a home that you want to rent from us initially, but may also like to buy in the next three to five years. We believe that there are many households who may be thinking about buying a home but for whatever reason would like to rent at the current time. You can lease the home for three to five one-year terms, depending on the state, and you may purchase the home from us at any time at a predetermined price.
There are many households who may be thinking about buying a home but would like to rent at the current time. These programs enable these households to continue renting and prepare to purchase a home simultaneously. The benefit of a lease to own or lease with right to purchase program is that these households are afforded a clear path to homeownership, with rent certainty for up to five years. While leasing the home, the prospective buyers are able to gather their down payment, secure a mortgage, and otherwise prepare for homeownership.
Rent to own is an agreement that gives the tenant of a property the option to buy the property for a set price at a set time. During that agreement period, the tenant pays a monthly rent to the owner, a portion of which may or may not be applied to the purchase price. A lease purchase is similar to rent to own except that the tenant is obligated to purchase the property at end of the agreement period. Lease with a right to purchase is similar to rent to own but differs in that there are multiple time periods in which the tenant can exercise their right to purchase the property at predetermined prices. Lease with a right to purchase gives the tenant more flexibility in the rental period and when they may purchase the property.