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11 Rental's and Rent to Own Requirements

By
Real Estate Agent with Exit Premier Realty

                          Procedure for Rent to Own

11 Rental's and Rent to Own Requirements

Maryland required paperwork before a showing:

•a.      Agency-Understanding Whom Real Estate Agents Represent

•b.     Agency-Exclusive Buyer/Tenant Agency Agreement

                           To apply:

1. Rental Application Part I and Part II-each applicant 18 and over

2. Lease Option to Purchase Agreement
                 This is not a contract to buy

      3.    2 pay stubs or voucher-Please bring to your first showing

 

•4.       Application fee for each adult:  usually  around $40 each (due with application)-Please bring to your first showing

 

•5.       Copy of driver's license-Please bring to your first showing

 

•6.       Security Deposit-usually the same as monthly rent (due upon acceptance) or you can submitted with application-Please bring to your first showing if at all possible.  This will enable your chances of being selected by the owner. Do not write in the Real Estate Company until after the showing

Or tell me when you will have the security deposit before the showing

 

 

•7.       First month's rent-before you move in

 

•8.       Credit Score of at least 500

 

I offer credit repair for $240 to get you to the 620+ credit score to purchase.  I offer suggestions free of charge.

  

•9.       To qualify for financing from banks or mortgage companies- loan officers usually use this formula:  Your annual income x 4= the amount of house you will qualify for.  For example, if your annual income is $50,000 x 4 =$200,000 is the amount you may qualify for to purchase a home.

  

•10.   You need a credit score of 620 or more to purchase a home.

  

•11.   So, in one year, you need to build your credit score to 620 or above while renting with option to purchase.

  

Ask Theola how to get started. I will assist you every step of the way.