Home Partners

How to Exercise the Right to Purchase

For Applicants, For Residents, Our Program Last updated:June 15th, 2021
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The final step in the Home Partners journey is exercising the Right to Purchase and becoming a homeowner to a great property. The process is easy and designed to benefit residents.

As a reminder, if you choose not to buy the home, there are no financial penalties. Keep reading for a complete how-to guide on exercising the Right to Purchase.  

Click here for a step-by-step on how the Lease Purchase Program works

Find a Lender

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Before starting the Right to Purchase process, residents must find a lender to work with and get pre-approved. Pre-approval is a preliminary review of finances to identify the best type of loan.

After receiving pre-approval, submit a Right to Purchase inquiry on the Resident Portal expressing your intent to purchase at least 30 days before your desired closing date. Our team will then send the next steps and an Exercise Notice.

Give Notice of the Option to Purchase

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The Exercise Notice is a document expressing a resident’s intent to exercise their Right to Purchase

After returning the Exercise Notice to our team, residents should expect 2-3 business days before receiving the contract and closing agent information.

Once received, you will sign the contract and provide an earnest money deposit. An earnest money deposit shows that a buyer intends to purchase the home. Once the earnest money deposit is accepted, we send you a copy of the executed contract.  

Appraisal 

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At this stage, the lender orders an appraisal on the property. Residents will schedule and facilitate this with their lender directly.

Once the appraisal is finished and the report is received, residents begin the underwriting process with their lender.  Almost finished with the Right to Purchase process!

Settlement

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Home Partners and the lender will inform residents when they can close on the home. Residents are then sent a Settlement Statement that outlines relevant information.

This includes costs and credits to be incurred and received at closing:

-Outstanding deposits

-Prepaid rent

-Utility balance collection

-Ledger balance

The Settlement Statement discloses how much money should be brought to closing. Note that each lender is different and may or may not allow certain credits/debits. 

Residents should bring or wire these certified funds in the amount due to the closing agent. 

Closing

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After all required documentation is signed and funds are disbursed to the seller, residents have exercised their Right to Purchase

Homeowners receive any funds and credits not allowed in the Settlement Statement within 10 business days.  

As always, exercising the Right to Purchase is an option, not a requirement. We are always excited when a resident purchases their Home Partners home.

Think Right to Purchase may be right for you? Click here to make a FREE Applicant Portal!

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