How does the Rent with Option program work?

Greendale Properties LLC has designed the Rent To Own Program to make it easier for prospective homeowners to get into a single family house. The program has 2 components – the Option to Purchase and a Rental Agreement with an addendum.

The Option to Purchase provides the prospective home owner with the right to buy the home at some time in the future for an agreed upon price. Typical programs run for 12, 18, or 24 months with longer programs structured as needed.

The prospective homeowner is not obligated to purchase the property at the end of the program. When the home is purchased by the prospective home owner, the fee paid for the option is applied to the down payment required for the purchase. However, the fee paid for the option to purchase is forfeited if the home is not purchased.

The Rental Agreement allows the prospective home owner to move-in to the house and begin enjoying the benefits of living in a single family home.