The initial Lease term is for one year, and the Lease automatically renews every year as long as the resident is in compliance with the Lease and other agreements. Before the end of a Lease term, the resident has the right to give notice that he/she does not want to renew the Lease for another term. If for any reason the resident decides to leave the home at the end of a Lease term and is in compliance with the Lease, the full security deposit will be returned.
The resident's financial commitment is limited to the initial one year Lease. The resident does not have to renew the Lease after the initial year. The maximum number of Lease term years is five in the state of Illinois/Colorado and three in the state of Texas.
Over the life of the Lease, Home Partners expects residents to treat the home as their own- maintain the lawn and garden, remove snow or other debris, and complete minor repairs. Home Partners is responsible for any major maintenance items.
Purchase Right Agreement
The resident's Purchase Right Agreement (and therefore Purchase Right) is in effect as long as the Lease is in effect, and the resident is in compliance with these agreements.
The Purchase Right Agreement gives the resident the right to purchase the home from Home Partners at a pre-defined price for each year of the Lease, as long as the resident is in compliance with these agreements. The maximum number of years a resident can rent the home and have the Purchase Right is five years in the state of Illinois/Colorado and three years in the state of Texas. The Purchase Right does not obligate the resident to buy the home.
Within 24 hours of a seller accepting Home Partners' offer for the purchase of a home, prospective residents will be required to sign the Lease, Purchase Right Agreement and tender the deposit, all to be held in escrow.
Prospective residents will have an opportunity to review all documentation, and Home Partners encourages all prospective residents to consult with legal counsel to review such documents prior to signing them.