House is Now Rented - Earliest Possible Occupancy is August 1, 2017
For Applicants Interested in Buying our Home on Rent-to-Own Basis
We are Willing to Negotiate All Terms Stated Herein - We Want to be as Fair as Reasonably Possible
All Negotiations Must be in Writing
Hello! We offer our Home for
straight renting, straight buying or Rent-to-Own (RTO) basis. The RTO Agreement
(RTOA) form below is to be completed only by the Applicants we have approved
AFTER evaluating their Rental Application Form and related info, and at the
time that the Rental Agreement Form is agreed upon by all Parties.
If you need more info than what we provide herein, please contact us right away by Email: email@example.com. And tell your family, friends and associates! Email SUBJECT Line: Please put, "Rent-to-Own Inquiry"
We respond to all serious Emails. If you receive no response within 24 hours, please phone us (no texting) at 505-321-1034
Alamogordo, New Mexico
2011 Crescent Dr.
Rocky Mountains Southwest USA
John and Laurie Williams
P.O. Box 23097, Albuquerque, NM 87192
Cell (no text messages please): 505-321-1034 ("John"), Fax: (call to schedule)
Home for Lease (with Images)
Home for Sale by Owner (with Images)
Area Photos )
RENTAL APPLICATION RENTAL AGREEMENT (being revised, provided on request)
RENT-TO-OWN (this webpage) - SALE BID
REASONS FOR US TO SELL OUR ALAMOGORDO HOME: We lived in this our Alamogordo home for decades, raised our kids in it, they all went to Buena Vista Elementary School, NMSU-A (all graduated from universities with honors and successful careers), we love our home and neighborhood, and we believe that it is still a great investment. So why sell it? We now live in Albuquerque (business reasons), and we are just getting too old to take care of two properties so we are anxious to sell our Alamogordo home. Nothing would make us happier than the sale of our beloved home.
REASONS TO RENT-TO-OWN: Rent-to-Own (Lease with Option to Buy) has both advantages and disadvantages for both Buyers and Sellers but is often a win-win situation for both Buyer and Seller. Many Buyers find that Rent-to-Own is their best alternative for these reasons:
In doing the Rent-to-Own Agreement below, we reviewed many other contracts of this type, and made ours among the very fairest. For examples, we provide Renters/Buyers more years to save up and establish/repair their credit than most (5 years, almost all others have only 3 years), we give Renters/Buyers the option to opt out at the end of any Rental Agreement (rare with other rent-to-owns), we don't nullify this agreement if a single rent payment is even one day late (popular with other Rent-to-Own Landlords), and our Rent-to-Own Home price is cheaper than other options for buying our Home.
Thank you for your time and attention. May you have the greatest of successes in all that you do. Please contact us right away to Rent-to-Own this Property (or for straight Renting or Selling) our home. We await your contact. Please read our Home for Lease Webpage, and make an appointment right away to view our home. Once we Rent (or Sell) our fine home, it will no longer be available (last renters contracted for 3 years).
John J. Williams, M.S.E.E.
New Mexico Rent-Purchase Agreement
The RTOA is a legal contract, so we advise that you consult with your attorney before agreeing to it
Alamogordo, New Mexico Property
2011 Crescent Dr. (Lot 1, Block 33, Heights Addition)
Alamogordo, NM 88310
PARTIES: This RTOA for the Property described above is made on _________________ between Renters/Buyers: #1 _____________________________, #2 _____________________________, #3 _____________________________ and #4 _____________________________, and Landlords/Owners: John J. Williams, and Laurie Williams. (Note: the spaces left for the Renters/Buyers in the RTOA will be changed to reflect the actual number of applicable Renters/Buyers).
GUARANTEED SALE PRICE OF THE PROPERTY: ____________________________________dollars ($__________.00). The Landlords/Owners will not attempt to sell this Property to any other party while this RTOA is in effect. If and when the Property is purchased by the Renters/Buyers, the minimum required down payment is 10% of the Guaranteed Sale Price minus the Option Fee and Accumulated Rent Premiums paid by the Renters/Buyers.
OPTION FEE: The Option Fee (also called Option Deposit or Option Consideration) is a one-time fee paid by the Renters/Buyers to the Landlords/Owners at the signing of this RTOA for the privileges of: (A) Having the Sale Price of this Property locked in for the Buyers for the Term of this RTOA, and (B) Guaranteeing that the Owners will not sell this Property to anyone else during the Term of this RTOA. The Option Fee is four percent (4%) of the Sales Price of this Property: ____________________________dollars ($________.00).
RENT PREMIUM: The Rent Premium (also called Rent Credit) is the extra amount of monthly rent that the Renters/Buyers pay to the Landlords/Owners that is applied to the Sale Price of this Property for each month that the rent is paid within 3 days of when due during the Term of the RTOA. This Rent Premium is ADDED to the Rent described in the Rental Agreement but due and paid at the same time as the Rental Agreement rent in the form of one payment, and is: Two-Hundred and Fifty Dollars ($250.00) per month. Total rent is due on the 1st day of each month (Note: If rent is paid more than 3 days late, that month's Rent Premium is NOT applied to the Accumulated Rent Premium but is forfeited under this RTOA to the Landlords/Owners). EXAMPLE: If the Rental Agreement rent is $900 per month, Renters/Buyers must pay Landlords/Owners $1150 per month as the total rent under this RTOA of which $250 per month is directly applied to the Renters/Buyers Accumulated Rent Premium.
RTOA TERM: The RTOA Term is the amount of time from the signing of the RTOA until the expiration of the RTOA, and is: 5 years or until the end of the last Rental Agreement, whichever comes first. Note: If the RTOA Term extends to more than the rental Term under a Rental Agreement and the Renters/Buyers have not exercised the Option, then the Renters/Buyers must continue to rent this Property under subsequent contiguous Rental Agreement(s) or else the RTOA is also terminated (no refunds or credits made to the Renters/Buyers). Landlords/Owners will offer subsequent Rental Agreements to Renters/Buyers as long as the Renters/Buyers occupy this Property during the entire Term of the existing Rental Agreement and do not violate any provision of the existing Rental Agreement which would result in or qualify them for eviction (the basic rent between Rental Agreements may change up or down depending on inflation, deflation and the Landlords/Owners view of the Alamogordo market). The Option will begin at 12PM (midnight) on ___________________, and expire at 12PM (midnight) on ___________________.
APPLICATION OF THE OPTION FEE AND RENT PREMIUM: Upon purchasing and closing of the conveyance of this Property within both the RTOA Term and the Term of the Rental Agreement in effect at the time, 100% of the Option Fee and 100% of the Accumulated Rent Premium are applied to lowering the Sales Price of the Home. Note 1: If the Renters/Buyers do not or cannot exercise this Option, these monies are not refunded or credited to the Renters/Buyers. Note 2: Neither of these payments is considered to be part of the down payment for the home while they will substantially lower the down payment. EXAMPLE: If the guaranteed sale price of a home is $200,000 ($200K) and the required down payment is 10% of the sales price, and the Renters/Buyers bought the property after 3 years of renting it as a Rent-to-Own, the Renters/Buyers would have paid $8,000 in Option Fee (4% of $200K) plus 36 months of scheduled Rent Premiums for their Accumulated Rent Premium of $9,000 (36 x $250), total of $17,000 ($8K + $9K); the new sale price becomes $183,000 ($200K - $17K); the new required down payment becomes $18,300 (10% of $183K, - not the $20,000 down payment if the original sale price had not been reduced).
NOTICE REQUIRED TO EXERCISE OPTION: After 10 months into any Rental Agreement Term until the end of that Rental Agreement Term, Renters/Buyers may notify and deliver to Landlords/Owners in writing their Notice to Exercise Option. The written notice must specify a closing date that is earlier than the expiration date of this RTOA but no later than 30 days after the Term of the Rental Agreement in effect at the time.
FINANCING: The Renters/Buyers are solely responsible for obtaining financing in order to exercise this Option. The Landlords/Owners make no representation or warrantees relevant to the availability of financing for this RTOA contract for any Renter/Buyer. While the Landlords/Owners will seriously consider any offer or application provided to them for Owner Financing (interest will be negotiated at that time), they are under no obligation or liability to provide Owner Financing.
CLOSING, SETTLEMENT & REPAIRS (after exercise of Option): If the Renters/Buyers
exercise their Option to Buy, Landlords/Owners shall transfer the Title free
of any liens, judgments or other encumbrances at Property closing. Landlords/Owners
shall pay 50% of closing costs, up to $1,000 maximum. The Renters/Buyers shall
pay for all remaining closing costs. Warranty of Landlords/Owners to this Property
is Limited to repairs and replacements described below:
Landlords/Owners shall pay 50% of all cosmetic repairs and replacements, up to $1,000 total, only under the (1) - (5) conditions stated in next paragraph.
Landlords/Owners shall pay 50% of all non-cosmetic repairs and replacements related to property safety, security and soundness caused by normal wear and tear or accident, up to $5,000 total, only under these conditions: (1) Landlords/Owners must approve in writing of all work they will pay 50% towards prior to Renters/Buyers contracting for the work, approval shall not be unreasonably denied. (2) All job estimates must be in writing, and up to four independent job bids may be required. (3) Paid-in-full receipts are required to be provided to the Landlords/Owners by the Renters/Buyers after work completion, and received by Landlords/Owners no later than 90 days after the Notice to Exercise Option is issued. (4) Landlords/Owners and their agents may inspect the work to make sure it is complete, well done and within Code before reimbursing the 50%. (5) Landlords/Owners assume no responsibility or liability towards the work contracted for, the work contracts themselves, or to the contractors.
EQUITABLE INTEREST: Renters/Buyers agree that unless and until they actually purchase, close and convey this Property, and become the new owners of this Property, that they have no equitable interest in this Property. Renters/Buyers shall not record this RTOA on the Public Records of any public office. In the event that Renters/Buyers record this RTOA, this RTOA shall, at Landlords'/Owners' option, immediately terminate this RTOA.
PERMISSIBLE USE OF PROPERTY; RENTING, LEASING AND SUBLEASING TO OTHERS: The permissible uses of this Property are defined by and limited to those permissible uses described by the Rental Agreement. Renters/Buyers shall not assign, rent, sublet (or sublease), timeshare, or grant any license to use all or any part of the Property to any person or entity. A consent by Landlords/Owners to one such assignment, renting, subletting (or subleasing), timesharing or license shall not be deemed to be a consent for any other such activity. Any such activity without Landlordsí/Owners' prior explicit written consent shall be absolutely null and void by operation of law, and shall, at Landlords'/Owners' option, immediately terminate this RTOA. This does not mean that other family members cannot live with Renters/Buyers on this Property; if any do, Renters/Buyers cannot charge them rent or any other compensation for living on these Property, see Rental Agreement for details.
PROPERTY DAMAGES: Damages not due to normal wear-and-tear are the full responsibility of the Renters/Buyers, and must be repaired prior to expiration of current Rental Agreement or immediately if of an emergency nature.
INSPECTIONS & INSPECTION REPORTS: If Renters/Buyers wish to have the Property inspected, they may hire a licensed home inspector(s) at Renters/Buyers full expense and responsibility. Landlords/Owners have the option to pay for part or all of inspection(s), but if they choose to do so, they must clearly agree to their costs in writing prior to inspection(s). Renters/Buyers must notify Landlords/Owners at least 10 days in advance of any inspection, and Landlords/Owners have the option to attend any inspection as they see fit with no cost or liability to them, as well as to photograph, videotape, otherwise record and have witnessed any or all parts of any inspection-related event, as well as to ask Renters/Buyers, inspector(s) and witness(es) questions, and to receive clear, definitive and complete answers to all of their questions for the record. If the inspector(s) displaces, removes, damages or destroys all or any part of the Property, Renters/Buyers are 100% liable for fully restoring the Property to the Property's conditions just prior to the arrival of the inspector(s). Furthermore, if the inspector(s) produce a written or recorded inspection report(s), he/she/they must provide accurate and timely copies of all of them complete and unredacted to the Landlords/Owners at no cost to the Landlords/Owners. If such inspection report(s) is intended for any financial entity(ies), any legal entity(ies), any publishing entity(ies), any government entity(ies), or any regulatory entity(ies), the Landlords/Owners must receive their copy of the report(s) a minimum of 10 days prior to the report(s) being provided to any of these entity(ies), and within the law, Landlords/Owners reserve the right to cancel the providing of any inspection report(s) to any or all of these entities with no cost or liability to Landlords/Owners, and Landlords/Owners reserve the right to have included in any inspection report(s) at no cost or liability to them their own frank comments and observations relevant to the inspection(s), inspector(s), Renters/Buyers, themselves, and inspection report(s).
TRANSFER OF RTOA: Unless explicitly agreed upon in writing and signed by all Parties, no Party can sell, give away or otherwise transfer his/her interest or any part of it under this RTOA. If a Renter/Buyer dies during the Term of this RTOA, his/her interest in this RTOA is automatically evenly distributed to all living Renters/Buyers, else it transfers to his/her heirs. If a Landlord/Owner dies during the Term of this RTOA, his/her interest in this RTOA automatically transfers to the remaining Landlord/Owner, else it transfers to his/her heirs.
TERMINATION REMEDIES: If the Renters/Buyers defaults on the terms and conditions of this RTOA contract or the Rental Agreement, the Landlords/Owners shall have the right to terminate this RTOA by giving written Notice of Termination without liability to them. While termination of the RTOA does not automatically mean termination of the Rental Agreement, if the cause for the RTOA termination is reasonably viewed by the Landlords/Owners as serious enough or impacting enough on the Rental Agreement, they have the option to also terminate the Rental Agreement without liability to them. This is in addition to any other remedies available to the Landlords/Owners by law or in equity. Any Option Fee or Rent Premium will not be refunded or credited to the Renters/Buyers.
OTHER TERMINATION OF RTOA CAUSES: (1) Landlords/Owners have the option to terminate the RTOA if there are more than two (2) late rent payments or any rent payment late by more than 10 days during any Rental Agreement Term. (2) Termination of the Rental Agreement for any reason not caused by Landlords/Owners or beyond their control and other than due to normal expiration of Rental Agreement Term automatically terminates the RTOA. (3) This RTOA can be voluntarily terminated by the Renters/Buyers at the end of any normally expired Rental Agreement Term (RTOA termination notice must be in writing and signed by all Renters/Buyers and be received by the Landlords/Owners at least 30 days prior to the end of the Rental Agreement Term).
RESPONSIBILITY: All Landlords/Owners are both severally and jointly responsible for all terms and conditions of this RTOA applicable to them. All Renters/Buyers are both severally and jointly responsible for all terms and conditions of this RTOA applicable to them.
SEVERABILITY: All Parties agree unconditionally and without reservation or qualification that if a court of competent jurisdiction nullifies any provision(s) of this RTOA, all other terms and conditions of the RTOA shall remain in full force.
LAW, JURISDICTION & VENUE: All Parties agree unconditionally and without reservation or qualification that in all disputes over this RTOA, the Rental Agreement or the Rental Application or related to them, if any, that the laws, jurisdiction and venue of New Mexico shall exclusively apply. In all cases where there is a dispute as to the meaning of any term or condition made by the RTOA, the Landlords/Owners interpretation shall prevail as long as it is a reasonable interpretation.
All Parties unconditionally agree without reservation or qualification that no provision of this RTOA can be changed without the clear written approval signed by all Parties.
Renter/Buyer #1: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter/Buyer #2: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter/Buyer #3: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter/Buyer #4: _________________________ SIGNATURE: ____________________________ DATE: ________
Landlord/Owner #1: John J. Williams SIGNATURE: ______________________________ DATE: ________
Landlord/Owner #2: Laurie Williams SIGNATURE: ______________________________ DATE: ________
Rent-to-Own is also often referred to as Rent-to-Buy, Rent with Option to Buy, Rent Option to Buy, Rent Option to Own, Rent Purchase, Lease-to-Own, Lease-to-Buy, Lease with Option to Buy, Lease Option to Buy, Lease Option to Own, Lease Purchase, and similar terms that begin with Rent or Lease and end with Buy, Own, Purchase or Option, and often including Home, House, Property, Premises or Real Estate. We try to be comprehensive, complete and 100% accurate with the info we provide you herein. Until such time that the RTOA is agreed upon and signed by all parties, Landlords/Owners reserve the right to change any provision(s) of this RTOA at any time without prior notice or liability, and that the posting of any new or changed version immediately puts it into effect and nullifies all previous versions of the RTOA. If after reading webpages of interest you have any question or concern about our Property, any RTOA, lease or sale provision, our webpages, or anything else that makes you hesitate to lease or buy our Property, please email or call us. We will sincerely try our best to accommodate you, answer your questions, clarify statements, or do whatever else we can reasonably do to lease or sell our Property to you.
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This is the most recent version of this website. We (the landlords/owners) may make changes in this website without prior notice or liability. Whenever we post a new version of any webpage this website contains, it becomes effective immediately upon its posting on this website, at which time, all previous website versions are invalid for any and all contracts received by us after this posting. We assume no liability for any errors or omissions on this website. In all cases where there is a dispute as to any representation on this website, our interpretation shall prevail as long as it is a reasonable interpretation. Should you have any questions or concerns regarding anything on this website, please address them to us by email.
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