Key Property Services (Key) is a full service brokerage organization. Through our team of real estate professionals, we are able to help you find the home of your dreams and help you navigate the path to homeownership through a Lease with a Right to Purchase Opportunity in that home.
Program SummaryWe operate in collaboration with a large corporate investor that acquires single family homes to rent to qualified individuals. The investor provides each qualified resident with a separate Right to Purchase Agreement for the home during the term of the lease. It is up to the resident to determine if they want to buy the home. If they do, they must obtain financing themselves. There is no obligation to buy the home at any point in time. The home may be leased for up to 5 consecutive years in most markets and up to 3 consecutive years in Texas.
The Right to Purchase Program is generally for individuals and families who are interested in home ownership, but who may have questions about the stability of the real estate market, their ability to afford and maintain ownership, and/or who may want to test a specific neighborhood before making the decision to buy a home. There are many things to consider when buying a home, which is why the opportunity to “try before you buy” may be of interest.
How it works
Step 1: Apply and Get Approved.You simply provide proof of at least $50,000 annual household income, pass a background and credit screening (No pending bankruptcies or past evictions, among other things), and have a minimum FICO score of 525.
Step 2: Find a home. After being qualified, based on your financial profile, the investor will notify you of your “rental/purchasing power” by providing you with the maximum monthly rent for which you are qualified. This will determine the value of the home you are able to rent and potentially buy through this Program.
Working with our housing specialists, select a home from the available inventory of quality homes in the top school districts in a program-eligible area of interest to you.
Step 3: Get your home approved, sign a lease and a Right to Purchase Agreement. The investor will provide you with a copy of the Lease and the Right to Purchase Agreement. You will be given the rent amount for year one and all years subsequent for which you can renew your lease, as well as the purchase price in year one and all years subsequent in which you can exercise your purchase option.
Step 4: Investor Buys the Home; You move in. We will help the investor purchase the property and provide the investor with your requested home repairs (within certain parameters). You, as the resident, will sign a one year lease that is renewable and carries a Right to Purchase the home at any time during your lease. There is no obligation to purchase and no penalty if you choose not to.
Step 5: You buy the home (Optional) The resident may exercise the Right to Purchase at any time during their residency for the appropriate predetermined price with 60 days’ notice. If the resident does not purchase the home at the end of the lease, they would receive their security deposit back (if eligible).
Get Started Now Getting pre-qualified for the program is a quick and easy process. If you can answer “yes” to the following investor criteria listed below, you are prequalified.
Next StepsIf you think you will qualify for the RTP Program or just want more information, please complete the information section below and one of our housing specialists will contact you shortly.
If you are ready to move forward and want to speak with someone immediately, call us at (678) 766-1391.