HOW IT WORKS
What You Need To Know About Real Estate Leasing
Lease Purchase Program
Here’s an overview of how the Buy America’s Lease with a Right to Purchase Program process works,
from pre-qualification to application to approval to home close
Prospective residents start the process by filling out a Pre-Qualification Application that checks key issues.*
*Anyone who is 18 years or older and will reside in the home must complete both the Pre-Qualification and the Full Application.
If the Pre-Qualification Application is approved, the applicant will be required to submit a Full Application for a full credit and background check.
If a Full Application is approved, Buy America will outline the maximum Monthly Rent of the home for which the prospective resident qualifies.
Prospective residents will work with a REALTOR® to find a home in an approved community.
Once a home is identified and approved by Buy America, Buy America will attempt to purchase the home — the outcome of which will depend on certain conditions being met such as agreeing on a purchase price with the seller, a satisfactory inspection, attorney review of the purchase contract, and other closing conditions being satisfied.
Prospective residents will be required to sign a one year lease for the home as well as the Right to Purchase Agreement(Lease, Deposit details and Escrow)
We buy the home. You lease it and have the right to buy it later, should you wish. Right to purchase agreement, maintenance adjustment in purchase price.