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Monthly Lease Rates
(1 Year Minimum Required)
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Available January 1, 2011 For Long Term Rental
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Lease Payments of $800 / month (Unfurnished)
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Lease will most likely require 1st Month + Last Month +
Equal Security Deposit (negotiable)
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Tenant pays all utilities
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Small / Midsized Dog(s) Considered
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Owner will assign tenant "Community Amenities Privileges"
(Tenant would still be responsible for all associated Amenity fees)
Lease Purchase
Discussion (2 - 3
Year Probable Option)
Obviously the Owners prefer a straight sale. But due
to the financing problems in the market, they are open to discussing a Lease
Purchase option with Qualified Parties. It should be pointed out
strongly that the Goal of a Lease Purchase is to establish an actual PURCHASE Mechanism, as
opposed to simply setting up a Rental Situation. Below are the basic
parameters for discussions to begin, keeping in mind that everyone's situation
my be slightly different, and that the owner is open to negotiation on the
exact details. We're going to give a 2 year scenario below, in order to use
real numbers to give an example of what we propose....
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The Lease Purchase Option Period would be for 2 years.
At the end of the 2 years, the Buyer would be responsible for coming up with
their own conventional financing to conclude the Sales Transaction.
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During the Lease period, the Owner would be responsible for
taxes, homeowner insurance, Big Canoe POA & Condo fees, etc. Lessee would be responsible for
contracting their own Rentors Insurance for their personal belongings and
liabilities. Lessee responsible for all Amenity Fees they choose to use.
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Tenant pays all utilities +water/septic
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Monthly Lease Payments would be set at $800
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There would be an equal $800 Refundable Security Deposit
required.
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The Non Refundable Purchase Option Price would be $3000.
This amount would be applied to the Sale at the time the Purchase Option is
exercised.
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The Lessee would receive a "60% Rent Credit" towards the
Down Payment
- on all Lease Payments made leading up to the actual Purchase during the 2
Year option period.
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At the time of a Successful Purchase Transaction, the Buyer
would have earned towards down payment the following amounts: The
Security Deposit ($800 in this scenario) + the Initial Purchase Option
Amount ($3000 in this scenario) + 60% of all rent payments already
made. ($11,520 in this scenario assuming all rent was paid during the
24 month option period). That is a total of $15,320 of earned
down payment monies that can be applied to the purchase. (again,
assuming this exact scenario - these are example calculations).
Again, the above are parameters are simply guidelines, and
are based on a relatively firm purchase price
of $134,000 (yes,
we realize that this is $4,000 over asking price, but it is also $11,000 less
than what we were asking 12 months ago. This is the purchase price on
the Lease Purchase Scenario, basically because Owners are having to "Play
Banker" for a time. Due to the enormous rent credit being offered, we
feel this is exceptionally fair). But everyone's situation is different,
and the owner is open to customization of the details. There
are great benefits to both parties in this situation.
The Seller/Landlord is getting a Tenant that is working towards
purchasing the property, and thereby is more apt to take good care of the
property.
The Buyer/Tenant is building towards a substantial down
payment with an enormous percentage (60%) being applied towards purchase price
equity, achieves the goal of immediate relocation, but doesn't lock themselves
into immediate legal obligation of Ownership, Taxes, Homeowner Fees, etc...
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