TIP OF THE DAY-RENT CREDIT FOR OPTION TO PURCHASE
TIP OF THE DAY- RENT CREDIT FOR OPTION TO PURCHASE
The property seller may give the purchaser credit toward the down payment for a portion of previous rent payments the purchaser made under a documented rental purchase agreement that had a minimum original term of at least 12 months, in an amount up to the difference between the market rent and the actual rent that was paid. The property appraiser must determine market rent. The purchaser does not have to make a minimum cash down payment from his or her own funds in order for the rental payments to be credited toward the down payment.
A photocopy of the rental/purchase agreement must be provided to assure that we will be able to verify the monthly rental and the specific terms of the lease. Copies of canceled checks or money order receipts to document the rental payments for the last 12 months must also be provided.