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Rent/Lease with Option to Buy Agreement

Confirms the right to buy a rented or leased property, and provides the purchase price and terms.

You will typically be asked to provide a copy of the original purchase agreement showing the:

  • Option-to-buy clause
  • Lease terms
  • Monthly rental payment amounts

In addition to the agreement, you will typically be asked for:

  • Verification of most recent 12-months’ rental payments, examples of which include copies of canceled checks, money order receipts, or proof of electronic payments
  • A copy of a fully executed 12-month lease agreement for the rental property that covers the previous or upcoming 12 months

If rent or lease payments will be applied toward the purchase price, you may be asked to provide verification of:

  • Market rents from an appraiser or local rental publication
  • A current rent payment exceeding market rent, allowing the excess to be applied toward the down payment

Tips for a smoother application process

  • Make sure documents are clear and legible.
  • Don't alter any pages (no strikethroughs, cross-outs, etc.).
  • Send all pages, even the blank ones.