A Land Contract is a written agreement between me and you the buyer. I will agrees to sell a property by financing the purchase to you. I(the owner)retains legal title and the you(the buyer) receives equitable title.
You put down a downpayment usually a couple thousand dollars and pay monthy as agreed in the written agreement.
Upon payment in full, the I will hand you the deed to the property.
you may qualify to rent the home with the option to buy it.
the Rent to Own program LOCKS in your purchase price for 12-24 months!
- monthly rent is discounted cheaper than regular rent
- allows you opportunity to
1.) obtain financing or (land contract)
2.) exercise your Option
3.) and purchase your Home
If someone approaches Great Lakes Capitol and wants to buy the house you are renting with an Option to Buy, -- no deal -- You have an exclusive Option to Buy on your home and nobody can buy it
Established clients may be offered a Land Contract (Owner financing), after developing an excellent payment history to .
- Please note that with this Rent with Option to Buy Program, you are buying an "Option to Buy" on a house.
- This is NOT a "down payment" on the purchase of a house.
- Your Option to Buy fee provides you the benefits listed above.
- At the time you exercise your Option to Buy and actually purchase your home, your fee will be credited to the purchase price.
Great Lakes Capitol's program has discounted monthly rent for customers who purchase an Option to Buy; therefore, no part of the monthly rent is credited toward the purchase price of the home.
