What is a Buyer Tenant?
A Buyer Tenant is a Home Owner
Becoming a Buyer Tenant is making an active choice to invest in your future. To discover the freedom and security of an automatic savings plan, in building equity and improving your financial stability and knowledge. All with the support of financial and real estate professionals. Buyer Tenants say goodbye to strict lease agreements, annual rent increases and the limited options of a competitive rental market. Approved candidates will benefit from fixed monthly payments and a locked in purchase price for their home. Even better, Buyer Tenants are considered the ‘owner’ from day 1 and have full control over choosing the house they will live in and eventually own.
This is not a typical rent to own program. Although Buyer Tenants enter into a lease agreement with a purchase option contract, it is so much more. Buyer Tenants are given the personalized support and resources they require in order to improve their financial health, increase the value of their home and generate positive credit history. This is a partnership. We understand that circumstances change and the unexpected can happen. That is why open communication is encouraged and support is provided on an ongoing basis.
Our goal is not just to give Buyer Tenants a path to home ownership, we want to give them the tools, education and support required to reach it.
The Benefits of Being a Buyer Tenant
The ability to build equity, improve credit and increase the value of the home you are living in.
Pay rent to yourself instead of a landlord.
Experience freedom from strict rental agreements. Buyer Tenants are considered the homeowner as soon as the house closes. Paint, have a pet or do some renovations.
Buyer Tenants cannot be evicted for the landlord or their relatives to move in or because the home is being sold.
Have peace of mind knowing that your Buyer Tenant agreement is fixed and secure, with options for early purchase or to extend and the purchase price of your home is locked in based on the current market.
What Does JRS Do?
Help you find and move into your own home 1 to 3 months after Buyer Tenant application approval.
Customize a legal agreement and ongoing program to best suit your home ‘wish list’ along with your current financial and personal needs.
Partner with you to build your down payment for purchase and coach you to become a better candidate for mortgage approval.
Address any credit issues.
Give ongoing support to all of our Buyer Tenants throughout their agreement period to help ensure that they will become home owners.
What Does a Buyer Tenant Do?
Buyer Tenants are required to make an initial deposit of $10,000 towards their new home.
Make monthly payments on time.
Participate in quarterly ‘success’ check ins and connect with their JRS partners to discuss questions, concerns or upcoming large purchases.
Hold insurance on all of their possessions.
Pay utility bills.
Keep up with any required home maintenance.
Enjoy living in their own home!
