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Rent-to-Own Product Summary
The “Rent-to-Own” products offered by HSIR which “Simulate” Mortgage Loan Packages:
> 5-Yr. Lease: 5-Yr. Payment Schedule with No Balance Payment
> 10-Yr. Lease: 10-Yr. Payment Schedule with No Balance Payment
> 5-Yr. Lease: 10-Yr. Payment Schedule with Balance Payoff
> 5-Yr. Lease: 15-Yr. Payment Schedule with Balance Payoff
Each of these “Rent-to-Own” products are discussed in more detail below.
Although financing is available in the Dominican Republic, loan terms may not be as attractive as other countries. In many cases, larger down payments are required, interest rates are higher, and loan terms are shorter. To be clear, Holden Sotheby’s International Realty is not a lender. To the contrary, the role of HSIR is to match property owners open to rent-to-own agreements with qualified buyers. In turn, every element of the buying real estate process is reviewed and a common ground is sought to make sure buyers and sellers each achieve their own objectives. On the one hand, motivated sellers can realize a sale if willing to accept sale proceeds are over time. On the other hand, renters with a desire to own real estate can do so with little or no money down and the ability to make payments over time.
Renting to Own is Simple
The rent-to-own process is similar to a long-term rental agreement where the monthly rent is set and a security deposit is required to move in. With a rent-to-own agreement, the monthly rent is established and the signed agreement confirms how much of each monthly rental payment is applied to the purchase price. It is sometimes necessary to pay a fee to receive an option to buy the property at a specified price. This is designed to prohibit the property owner from selling the property to somebody else at a higher price, and in addition, is protection against the property owner selling the property to a potential buyer with an all-cash offer to purchase. To protect both the seller and the buyer, all details of the rent-to-own agreement need to be approved by everyone — and representative attorneys.
Below are Samples of Properties Set Up on a “Rent-to-Own” Basis
Request More Information
The Request More Information form below summarizes preferred elements of a rent-to-own agreement to see if a match can be made with owner objectives. If a middle-ground cannot be reached, the information may be presented to other owners to see if renter-buyer objectives can be reached on a similar property.