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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.
Find a Lender
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
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.
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!
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:
-Utility balance collection
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.
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!