What you should know
Owner Financing is a tremendous way to secure property without the use of banks. This option provides a great deal of flexibility to accommodate a wide variety of land goals and strategies. We make the process extremely simple for you and no credit checks are required.
After you select your property, if you elect to use the owner financing option:
You will receive a copy of your Lease Purchase Agreement that you will need to print sign and notarize in the presence of a witness.
Things to know about the agreement:
- No credit check required.
- Down payment will be due at signing via wire transfer
- $499 document preparation & processing fee due at signing via wire transfer
- Monthly Lease Payment due via loan servicing online payment portal
- The downpayment as well as a portion of each Monthly Lease payment will be credited toward overall purchase price in the form of accrued earnest money.
- You will be provided with a ledger to indicate exactly how much rent is credited toward accrued earnest money along with your agreement prior to signing.
- There are no penalties for early payoff.
- Any extra payment above contractual monthly minimum payment goes directly toward purchase price in the form of accrued earnest money.
- Leasee is charged $11 for a liability insurance policy on the property that covers $2,000,000 per incident and $1,000,000 per person.
- Leasee is charged $20 per month for 3rd party loan servicing. This provides leasee with an online payment portal, and reporting to track balance and applicable annual tax forms.
- Leasee pays 1/12 of annual property tax per month and if applicable 1/12 of annual HOA dues per month.
- Leasee will not begin any building projects until the balance has been paid in full.
- At the time that balance is paid in full, closing will take place facilitated by closing attorney or title company. Closing agency will provide title insurance, warranty deed and handle all document recording post-closing. Leasee is responsible for closing costs at that time.
- Leasee will not receive title to property until closing.