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Valls & Associates LLC
Real Estate Services

Sales / Rentals / Property Management
Miami, Florida, USA * Phone: (786) 600-5005
         

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Don’t spend your money renting a place to live in. Instead, lease a home with an option to buy it in the near future.

If you want to own your home but are unable to qualify for a mortgage loan today, leasing a home with an option to buy might be your best option. A lease with an option to purchase can make your rent money work for you instead of making your landlord richer.

If you had any financial hardship, foreclosure, bankruptcy, divorce, etc; if you have less-than-perfect credit rating and need time to repair your credit; if you make enough money to pay for the monthly cost of owning a home but at the present time you don’t qualify to obtain a mortgage loan due to your poor credit rating. You might own the home you want to live in using our Rent-to-Own program.

Here’s how the rent-to-own program works:

A Prospective Tenant looks for a home in an area where he/she wants to live.
The Investor buys the property and leases it to the Tenant/Buyer with an option to buy it in the future.
The Investor/Landlord and the Tenant/Buyer enter into two contracts. The first is a standard lease agreement. The second is an option contract, which gives the Tenant/Buyer the option to purchase the property for a predetermined price within a predetermined time frame. The Tenant/Buyer pays the Investor/Landlord a non-refundable up front option to purchase consideration (Option Fee), which is established as a minimum of 3% of the purchase price. This will be applied as a credit to the purchase price for the Tenant/Buyer if, and only if he/she purchases the property. The Tenant/Buyer will also pay a monthly premium of approximately 20% above fair market rent to the Investor/Landlord as a means to help establish a down payment credit for the Tenant/Buyer.
Maintenance is the responsibility of the Tenant/Buyer. He/She is now renting to own and homeownership requires maintenance. If any major repair is required to ensure habitability, the Investor/Landlord remains responsible. The Investor/Landlord is also responsible for the payment of the property taxes and insurance.
The Tenant/Buyer’s commitment is to purchase the property at the agreed price during the term of the Option Time. He/She must make sure of qualifying for a mortgage loan from a financial institution. To purchase the property the Tenant/Buyer must have the required credit score, the down payment, the closing costs, and adequate income to pay the monthly mortgage loan amount.
The Tenant/Buyer has an option to buy the property, but not an obligation to purchase it. In case the Tenant/Buyer decides not to buy the property the Option Fee and the monthly premium will be forfeited and not returned.

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