Qualifications include clear title, no outstanding property tax liabilities, current insurance, and at least 30% equity in the home.
No. Your rent stays the same throughout the five year period.
No. The price you have to pay to buy the home back stays the same throughout the five year period.
Once a formal purchase agreement has been executed, HES can typically close within a four-week period.
You handle the sale just as you would if you were the owner of the home. You may choose a Realtor, or attempt to sell the home without the assistance of an agent or broker. You will negotiate the price and terms of the sale; however, the net proceeds of the sale must be sufficient to pay all amounts owed to HES. As the owner of record, Home Equity Solutions will approve and execute all paperwork associated with the sale.
No. If you do not want to buy or sell the home before the end of the fifth year, you may apply for a new rental agreement and buy/sell option agreement, but you must do so at least 120 days prior to the expiration of each agreement. The terms of the new rental agreement and buy/sell option agreement will be determined at the time of application.
The rental agreement and buy/sell option agreement will specify primary and secondary assignees in the event you become deceased. If neither the primary nor secondary assignees exercise their right to assume the agreements within thirty days of being notified by HES of your death, neither the assignees nor any heirs will have a further interest in the property or the agreements.
If you are delinquent on rent more than 30 days, fail to properly maintain and repair the property, attempt to sell the property for an insufficient amount, fail to buy or sell the home before the option expiration, or default in any other manner, a notice will be sent informing you of the default and providing an additional ten days to cure the default. If the default is not cured within the ten-day period, Home Equity Solutions will have the right to enter and take possession of the home, pursue eviction, or pursue any other available remedy at law.
You are responsible for these items so that we can keep your monthly rental payment to a minimum.
You are responsible for the closing costs so that we can keep your monthly rent to a minimum.
You are responsible for repairs and maintenance as you are best equipped to handle these items in a timely and proper manner.
You are responsible for these items so that we can keep your monthly rent to a minimum.
All rent is paid through automatic ACH draft, or through the HES e-commerce portal.