Households may exercise their Right to Purchase at any time during their 2 year lease. Please remember that the purchase price is tied to lease dates. This means, the first date of the new lease term is the first date of the new purchase price.

In order to purchase the home at the current year’s pricing, we must close by or before, the lease end date.

Log into the Resident Portal and select the “Right to Purchase” button on the dashboard to begin the process. We require 30 days written notice before your desired closing day.

It is a household’s decision whether or not to consult with an agent about the home buying process. A real estate agent should attempt to act as an intermediary in the transaction. We do not pay any commissions to agents on this transaction.

Each year, the Right to Purchase price increases by 3%-5.5% (varies by market). These amounts are shown before you sign a one-year lease and are locked-in for 2 years.

We do not require the use of an attorney. However, households are welcome to hire or consult with an attorney.

A credit for any outstanding deposits you made in conjunction with the Lease Agreement will be provided at closing as requested by the resident and permitted by the lender.

The Right to Purchase Agreement does not provide for any negotiation of the purchase price.
If the home appraises for less than the purchase price, we are willing to terminate the purchase contract and return your earnest money deposit, provided we receive a copy of the appraisal for our records.

If the home appraises for more than the purchase price, then you will receive the cost benefit.

Yes; residents need to inform Poppa Homes OwnerShip Program of their intent to move at least 60 days prior to the lease end date or target close date, whichever is first.

If the purchase does not go through and the household moves out prior to their scheduled lease end date, they may be responsible for rental payments through the lease end date or be charged an early termination fee. Contact Poppa Homes OwnerShip Program for any applicable fees.

Monthly rent payments do not go towards the home purchase. Residents can exercise the Right to Purchase, renew their lease, or decide not to buy the home without financial penalties.

We are not a mortgage company and will not provide or help facilitate a mortgage loan for residents. We cannot guarantee that households will be able to obtain a mortgage loan if and when they wish to exercise the Right to Purchase.

If households are unsure how to begin the mortgage loan process

Earnest money is a good faith deposit demonstrating the commitment of the buyer to complete the purchase of the property. This deposit helps cover costs in the event the purchase is terminated by the buyer. Instructions on where to deposit earnest monies will be provided with the purchase contract.

Unless otherwise expressly provided in the Right to Purchase Agreement and associated materials, we will pay for seller closing costs.

Buyer closing costs are the responsibility of the resident.