Requests concerning a rent or lease with option to buy agreement are made to obtain written validation of the right, the terms, and the price for purchase of the property.
Customers are typically asked to provide:
- A copy of the original purchase agreement containing the option-to-buy clause, lease terms, and amount of monthly rental payments
- Copies of cancelled checks or money-order receipts to verify rental payments for most recent 12 months
- A copy of the fully executed 12-month lease agreement for the rental property
If the transaction includes a down payment that originates from payments made, other requests could be made to verify:
- A present rent payment in excess of market rents, allowing the difference between market and current rents to be applied toward the down payment
- Verification of market rents from an appraiser or local rental publications
Avoid delays in processing your loan
For all documents:
- Make sure the copies you send are legible.
- Do not include documents that have been altered with correction fluid or by other means.
- Submit the entire requested document and include all pages (even blank ones).