RENTAL FAQ'S
Q:WHAT IS THE TYPICAL DEPOSITS I WILL NEED UP FRONT?
A: Typically an owner/landlord will require a deposit equal to 1 months rent in order to hold the unit for you. The 1st months rent/pro-rated rent will be due at the time of move-in. If the home is taken well care of, you will usually retain a large majority and usually all of your deposit when your lease ends. An owner has up to 45 days to return the deposit to you from the day you move out.
Q:WHEN SHOULD I START LOOKING FOR A RENTAL?
A: The best time to really start your search is around 45 days prior to a move. Most landlords will not approve you any earlier than that unless you're willing to pay an additional deposit to hold the property longer than 45 days.
Q:WHAT IS A LEASE PURCHASE?
A: A lease-purchase is when you agree to purchase a home in the future, but rent while you either build your credit, save for a down payment, or wait until your home sells. Some sellers will only accept a short term lease-purchase and others will allow you to go a year or longer. An owner will sometimes contribute a portion of your rent towards your closing costs or down payment. You must agree to purchase the home, but you will need to have a home inspection and financing contingency in the contract in order to protect yourself. A seller may also require a downpayment or a larger security deposit which in many cases is not refundable should you back out of the purchase. It is highly recommended that you work with a Realtor® when you're doing a lease-purchase. There is no cost to you and you'll know that your being completely protected and following appropriate laws and guidlines as well as the owner. I'm happy to answer any questions you may have regarding a lease-purchases.