10427 Fawn Ridge Ln

Lease terms

Lease Purchase Terms Thank you for your interest in this Lease Purchase opportunity. Please review the following terms before applying. Lease Term Initial lease term is 24 months with potential rights to extend. The goal is for the tenant-buyer to obtain traditional mortgage financing and purchase the home before the lease expires. Monthly Lease Payment Monthly rent is $2,300, due on the agreed-upon date each month. Late payments may result in late fees as outlined in the lease agreement. Option Deposit A $20,000 non-refundable option deposit is required at signing. The option deposit secures your exclusive right to purchase the property during the lease term. The option deposit will be credited toward the purchase price at closing, provided all terms of the agreement are met. Purchase Price The purchase price will be agreed upon before the lease begins and documented in the Lease Purchase Agreement. The purchase price remains fixed during the lease term unless otherwise stated in writing. Financing Tenant agrees to actively work toward qualifying for a mortgage during the lease period. Tenant is encouraged to meet with a lender within the first 30 days and periodically throughout the lease term to monitor financing progress. Maintenance Tenant is responsible for routine maintenance and keeping the property in good condition. Major structural repairs or other responsibilities will be outlined in the lease agreement. Utilities Tenant is responsible for all utilities unless otherwise specified. Homeowners Association Tenant agrees to comply with all applicable HOA rules and regulations. Insurance Tenant must maintain renter's insurance throughout the lease term. Purchase Closing Tenant agrees to make a good-faith effort to complete the purchase before the lease expires. If additional time is needed, an extension may be considered at the seller's sole discretion and must be agreed to in writing. Default Failure to comply with the lease or purchase agreement may result in termination of the option to purchase, subject to the terms of the agreement and applicable law. Application Requirements Applicants should be prepared to provide: Government-issued identification Proof of income Employment verification Background check Credit report References Verification of available funds for the option deposit This Lease Purchase Program is intended for individuals and families who are committed to becoming homeowners and are working toward qualifying for mortgage financing.