{"id":281,"date":"2023-02-06T01:29:16","date_gmt":"2023-02-06T01:29:16","guid":{"rendered":"https:\/\/colemanmg.com\/rent\/?page_id=281"},"modified":"2023-02-06T03:04:04","modified_gmt":"2023-02-06T03:04:04","slug":"right-to-purchase","status":"publish","type":"page","link":"https:\/\/colemanmg.com\/rent\/right-to-purchase\/","title":{"rendered":"Right to Purchase"},"content":{"rendered":"\n<div class=\"wp-block-columns alignfull has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"color:#000000;background-color:#ffffff\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" style=\"font-size:24px;line-height:1.3\"><strong>General<\/strong><\/h3>\n\n\n\n<p>What does the Lease Purchase process look like from start to finish?<\/p>\n\n\n\n<p><a href=\"https:\/\/colemanmg.com\/rent\/general\/\">View All Questions<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" style=\"font-size:24px;line-height:1.3\"><strong>Applications<\/strong><\/h3>\n\n\n\n<p>How does someone apply for the Lease Purchase Program?<\/p>\n\n\n\n<p><a href=\"https:\/\/colemanmg.com\/rent\/applications\/\">View All Questions<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" style=\"font-size:24px;line-height:1.3\">Property Submission &amp; Inspection<\/h3>\n\n\n\n<p>What are your basic property qualifications for the Program?<\/p>\n\n\n\n<p><a href=\"https:\/\/colemanmg.com\/rent\/property-submission-inspection\/\">View All Questions<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns alignfull has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"color:#000000;background-color:#ffffff\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" style=\"font-size:24px;line-height:1.3\">Right to Purchase<\/h3>\n\n\n\n<p>How many years do residents have to purchase the home they are renting from you?<\/p>\n\n\n\n<p><a href=\"https:\/\/colemanmg.com\/rent\/right-to-purchase\/\">View All Questions<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" style=\"font-size:24px;line-height:1.3\">Move-In &amp; Pathlight<\/h3>\n\n\n\n<p>When does Pathlight become the main point of contact for incoming residents?<\/p>\n\n\n\n<p><a href=\"https:\/\/colemanmg.com\/rent\/strongmove-in-amp-pathlight-strong\/\">View All Questions<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n<section id='' class='helpie-faq accordions faq-toggle custom-styles ' data-collection='' data-pagination='0' data-search='0' data-pagination-enabled='0'><h3 class=\"collection-title\">Process<\/h3><form class=\"search\" onSubmit=\"return false;\"><div class=\"search__wrapper\"><input type=\"text\" class=\"search__input\" placeholder=\"Search FAQ\"><span class=\"search__icon\"><svg class=\"svg-icon--search\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 22 22\">\r\n                        <g fill=\"none\" stroke=\"#171717\">\r\n                            <path stroke-linecap=\"square\" stroke-width=\"2\" d=\"M18.5 18.3l-5.4-5.4\"\/>\r\n                            <circle cx=\"8\" cy=\"8\" r=\"7\" stroke-width=\"2\"\/>\r\n                        <\/g>\r\n                    <\/svg><\/span><\/div><div class=\"search__message\"><\/div><\/form><h3 class='accordion__heading accordion__category'>Process<\/h3><article class=\"accordion \"><div class='helpie-faq-row'><div class='helpie-faq-col helpie-faq-col-12' ><ul><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-284\" data-item=\"hfaq-post-284\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">How many years do residents have to purchase the home they are renting from you?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<p>In order to purchase the home at the current year\u2019s pricing, we must close by or before, the lease end date.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-285\" data-item=\"hfaq-post-285\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">How do households begin to exercise their Right to Purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>Log into the Resident Portal and select the \u201cRight to Purchase\u201d button on the dashboard to begin the process. We require 30 days written notice before your desired closing day.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-286\" data-item=\"hfaq-post-286\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do households need a real estate agent when exercising the Right to Purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>It is a household&#8217;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 <a href=\"https:\/\/colemanmg.com\/rent\/agent-join\/\">agents on this transaction.<\/a><\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-287\" data-item=\"hfaq-post-287\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">How do Right to Purchase escalations work?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-292\" data-item=\"hfaq-post-292\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">The Lease Agreement end date is approaching soon. How does that affect the purchase price?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><div class=\"article-body article-content\">\n<p>The purchase must close before the lease end date to receive current year pricing for the purchase.<\/p>\n<p>If the Exercise Notice is not delivered to us at least thirty (30) calendar days prior to the last day of the Lease Agreement or the transaction does not otherwise close before the lease end date, pricing may reflect the subsequent year\u2019s Right To Purchase price.<\/p>\n<\/div>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-293\" data-item=\"hfaq-post-293\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do households need an attorney when exercising the Right to Purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>We do not require the use of an attorney. However, households are welcome to hire or consult with an attorney.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-296\" data-item=\"hfaq-post-296\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">What happens to the security deposit after exercising the Right to Purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-297\" data-item=\"hfaq-post-297\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">What effect does the appraisal have on the purchase price?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">The Right to Purchase Agreement does not provide for any negotiation of the purchase price.<br \/>\nIf 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.<\/span><\/p>\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">If the home appraises for more than the purchase price, then you will receive the cost benefit.<\/span><\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-298\" data-item=\"hfaq-post-298\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">If the purchase does not go through, may the household move out of the home?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">Yes; residents need to inform\u00a0<\/span><span class=\"s1\">Poppa Homes OwnerShip Program\u00a0<\/span><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">of their intent to move at least 60 days prior to the lease end date or target close date, whichever is first. <\/span><\/p>\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">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\u00a0Poppa Homes OwnerShip Program for any applicable fees.<\/span><\/p>\n<\/div><\/li><\/ul><\/div><\/div><\/article><\/section><br \/>\n<section id='' class='helpie-faq accordions faq-toggle custom-styles ' data-collection='' data-pagination='0' data-search='0' data-pagination-enabled='0'><h3 class=\"collection-title\">Costs<\/h3><form class=\"search\" onSubmit=\"return false;\"><div class=\"search__wrapper\"><input type=\"text\" class=\"search__input\" placeholder=\"Search FAQ\"><span class=\"search__icon\"><svg class=\"svg-icon--search\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 22 22\">\r\n                        <g fill=\"none\" stroke=\"#171717\">\r\n                            <path stroke-linecap=\"square\" stroke-width=\"2\" d=\"M18.5 18.3l-5.4-5.4\"\/>\r\n                            <circle cx=\"8\" cy=\"8\" r=\"7\" stroke-width=\"2\"\/>\r\n                        <\/g>\r\n                    <\/svg><\/span><\/div><div class=\"search__message\"><\/div><\/form><h3 class='accordion__heading accordion__category'>Costs<\/h3><article class=\"accordion \"><div class='helpie-faq-row'><div class='helpie-faq-col helpie-faq-col-12' ><ul><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-299\" data-item=\"hfaq-post-299\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do monthly rent payments go towards the home purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-300\" data-item=\"hfaq-post-300\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do you provide a mortgage or other financing?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<p>If households are unsure how to begin the mortgage loan process<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-302\" data-item=\"hfaq-post-302\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">What is an earnest money deposit?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p>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.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-307\" data-item=\"hfaq-post-307\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do you pay closing costs when residents exercise the Right to Purchase?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">Unless otherwise expressly provided in the Right to Purchase Agreement and associated materials, we will pay for seller closing costs.<\/span><\/p>\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">Buyer closing costs are the responsibility of the resident.<\/span><\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" data-id=\"post-308\" data-item=\"hfaq-post-308\" style=\"background:#FFFFFF;\" data-tags=\"\"><div class=\"accordion__title\">Do households need to keep paying rent while in the process of purchasing the home?<\/div><\/div><div class=\"accordion__body\" style=\"background:#FCFCFC;\"><div class=\"article-body article-content\">\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">Yes; residents should continue to make full monthly rent payments. A credit for any rent overage will be provided at closing, along with any outstanding deposits made in conjunction with the Lease Agreement as requested by the household and permitted by the lender.<\/span><\/p>\n<\/div>\n<\/div><\/li><\/ul><\/div><\/div><\/article><\/section>\n","protected":false},"excerpt":{"rendered":"<p>General What does the Lease Purchase process look like from start to finish? View All Questions Applications How does someone apply for the Lease Purchase Program? View All Questions Property Submission &amp; Inspection What are your basic property qualifications for the Program? 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