Each related member must verify their recognition and compliance with their terms and conditions. This is dealt with in the area shown in the last section of the last page. The seller/owner must then find the empty lines called « seller/owner`s signature » and « print, » sign and print his or her name. Two of these signing areas were included if more than one seller/renter is involved. Each seller/renter involved must sign this document so that if a third party is documented, make sure that an installation with these signatures is provided or that you can add more space with a publishing program. Each buyer/tenant must sign and print their name on the empty lines with the labels « Tenant Signature » and « Print. » As with the seller/lessor, each buyer/tenant involved must fill this signing area, so that there is sufficient space available for two people, if there is more assurance that these additional parts will meet the signing requirement, either by adding an appendix or by adding more space. Agents who collaborate with these parties and arrange this lease/purchase must also fill out the signing area with the empty lines called « Agent Signature » and « Impression. » If more than one agent is involved, make sure that each of you also signs this paperwork. Finally, the person testifying to this signature should sign and print their name on the empty lines with the terms « witness signature » and « print » (or). To have the option to buy without the obligation, it must be a lease.
Since legalese can be difficult to decipher, it is always a good idea to check the contract with a qualified real estate lawyer before signing something so that you know your rights and exactly what you are getting. Once you have found that an option-to-purchase lease is useful for you, ask a real estate lawyer to consult documents that may contain a separate lease and sales contract. Let your lawyer guide you through the agreement and ask for clarification on anything you don`t understand before signing on the points line. A lease-to-own can be a great option if you are an emerging owner, but not quite financially ready. These agreements give you the ability to get your finances in order, improve your creditworthiness and save money for a down payment, while « locking up » the house you want to own. If the option money and/or a percentage of the rent goes towards the purchase price, which they often do, you will also get some equity to build. The Lagos State Home-Ownership Mortgage Scheme (LagosHOMS) is a rental-to-own program for people who cannot afford to mortgage, but who are given money. Tenants are expected to pay rent for a certain period of time, after which they are invited to switch to mortgage payments. The program is aimed at young professionals, including teachers and young civil servants. The program has produced well over 200 new owners in the city. Lease-to-own contracts, sometimes also known as lease with Option to Purchase Agreements or Lease to Purchase, are attractive options for tenants who are unable to purchase a home with a typical mortgage.