Our Process is Simple.
Becoming a Buyer Tenant is Easier than You Think
You don’t need to wait to buy. If you are worried about qualifying for a mortgage because you are self-employed, have had credit issues in the past, are just starting a new job, carrying student debt, have no credit history or one of many other reasons, becoming a Buyer Tenant could be an accelerated path to home ownership.
What to Expect
Although the steps in our process are consistent, each Buyer Tenant will receive a customized plan based on their unique goals, and current financial and personal situation.
Once a completed application has been received and approved, Buyer Tenants will be invited to participate in a consultation session. This session is used to review the program plan in detail, determine overall budget and how long the lease agreement should be.
The search for a new home will begin with one of our qualified real estate Agents. Buyer Tenants have full control over choosing the house they will work towards owning.
Buyer Tenants are required to provide an initial deposit of $10,000 as an “option consideration”. This deposit will be returned at the end of the “lease” term and can be leveraged as part of the down payment.
A formal legal document will be drawn up outlining the Buyer Tenant contract. Buyer Tenants are asked to sign both a lease agreement and a purchase option contract. Once all parties are comfortable with the agreement details, the JRS team will make an offer and purchase the new house. We believe in being fully transparent and encourage Buyer Tenants to have legal support in order to feel fully confident in their commitment.
Buyer Tenants are often able to move into their new home with 1 - 3 months of getting approved. Once they have moved in, a portion of the Buyer Tenant’s “rent” is automatically saved towards their future down payment.
Throughout the agreement term, the JRS team will work with Buyer Tenants to build their credit score and improve financial knowledge. In some cases, Buyer Tenants are able to exercise early purchase options and become an owner ahead of their planned term.
At the end of the agreement term, Buyer Tenants are able to purchase their home at the agreement price - even if the home’s value has increased, the price Buyer Tenants pay will not change.
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