The term "Lease-to-Own" has commonly described a method to purchase consumer goods like household appliances. With economic downturns, however, new opportunities have been created to lease homes at affordable rates while successfully enabling renters to become homeowners. Integrity’s unique ‘Lease-to-Own’ program creates an affordable, realistic and short path toward homeownership. Below, are common Questions and Answers that cover the basics of what you, the potentia
l homeowner, should consider when deciding whether a Lease-to-Own approach is right for you.
Lease-to-Own, otherwise known as a "Lease with an option to purchase", is a legal arrangement between a Tenant (you) and your landlord (Integrity). It allows you to purchase a home that you decide to rent from Integrity. The opportunity to purchase is called an ‘Option’. This gives you the exclusive right to purchase the property that you rent during a specific period of time (called the ‘Option Period’). This period of time is usually 1-3 years from the time the initial agreement is made. The Option can be exercised anytime during the Option Period but will expire if it is not exercised within the same period. At the onset and throughout the Lease-to-Own arrangement, you will pay for the Option or right to purchase by paying a one-time deposit fee and monthly rent premiums. At the time of purchasing the home, you will benefit since your one-time deposit fee and monthly rent premiums will be credited towards your down-payment for the home that you are renting but will now be purchasing. In this way, while you are renting you are also experiencing what it is like to live in the home that you wish to purchase! While renting you are making incremental and steady progress toward the purchase. If you decide not to purchase the home or, if the option expires, the Seller will retain the deposit and rent premiums as consideration for making the house exclusively available to you for a specific price.