Home is Available for Immediate Occupany Upon Closing or Rental Agreement signing
NOTE: This Webpage is Still Under Construction.
For more up-to-date info on our Rent-to-Own, see our Rent-to-Own Webpage, or
email us and ask us your questions, concerns and suggestions.
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 have any questions or concerns, or 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 48 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 Rent-to-Own (with Images)
Home for Auction Sale by Owner (with Images)
Area Photos )
RENTAL APPLICATION RENTAL AGREEMENT (being revised, provided on request)
RENT-TO-OWN CONTRACT (this webpage) - SALE BID
Home Policies - Home Sale and Home Rental are also Based on these Policies
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 Renter more years to save up and establish/repair their credit than most (5 years, almost all others have only 3 years), we give Renter 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 Rent-to-Own 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 (Addendum to Rental Agreement)
The RTOA is a legal contract, so we advise that you consult with your attorney before agreeing to it.
Our Rent-to-Own Agreement wording is pretty standard for Rent-to-Own Real Estate contracts.
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 Renter: #1 _____________________________, #2 _____________________________, #3 _____________________________ and #4 _____________________________, and Owners: John J. Williams, and Laurie Williams. (Note: the spaces left for the Renter in the RTOA will be changed to reflect the actual number of applicable Renter).
GUARANTEED SALE PRICE OF THE PROPERTY: ____________________________________dollars ($__________.00). This price is guaranteed during the entire RTOA Term unless the fair market value of this Property increases or decreases during any Rental Agreement Term over the current Guaranteed Sale Price by at least 10%, in which case, the Owners have the right to increase or decrease this price by amending the new Rental Agreement accordingly. The Owners will not attempt to sell this Property to any other party while this RTOA is in effect. If and when the Property is purchased by the Renter, the minimum required down payment is 10% of the Guaranteed Sale Price.
RENTER'S OPTION-TO-BUY RIGHT: For a Renter to exercise his/her Option-to-Buy right: (1) The Renter must pay to the Owners a non-refundable down payment for this Property of at least 10% of the Guaranteed Sale Price. The Guaranteed Sale Price is: ____________________________dollars ($________.00). The mutually-agreed-upon down payment is: ____________________________dollars ($________.00). The entire down payment is intended to be applied towards the purchase of this Property, (2) The Renter must Close this Property within 60 days after the Property Owners received the down payment, else the down payment is 100% forfeited by the Renter to the Owners.
OPTION FEE (OF): The Option Fee (also called Option Deposit or Option Consideration) is a one-time fee paid by the Renter to the Owners at the signing of this RTOA for the privileges of: (A) Having a Guaranteed Sale Price of the Property for the Term of this RTOA, and (B) Guaranteeing that the Owners will not sell this Property to anyone else during the Term of this RTOA. The OF is one percent (1.0%) of the Guaranteed Sale Price of this Property: ____________________________dollars ($________.00). (Note: Our 1% OF is very low for Rent-to-Own Real Estate OFs). If you wish, we can refund your OF; here is how that works: (1) Within 30 days into your 2nd Year Lease, request us in writing to refund your OF. (2) We will then refund your OF $100 per month (you send us full rent payment, we send you a $100 check back) until your OF is 100% refunded. (3) The refunded part of the OF is of course not applied towards the down payment.
RENT PREMIUM (RP): The Rent Premium is the extra amount of monthly rent that the Renter pay to the Owners that is also 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 RP 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 rent payment, the total rent payment. The RP is at least twenty-five percent (25%) of the base rent ($250.00 minimum), and is paid monthly in addition to the base rent. You have agreed to pay as your RP per month: ____________________________dollars ($________.00).Total rent is due on the 1st day of each month (Note: If your total rent is paid in full (ie: received by us and will clear) no later than the 3rd day of the month, your RP is fully applied to your Total Rent Premium (TRP); if not, your RP is forfeited under this RTOA to the Owners). EXAMPLE: If the Rental Agreement base rent is $1000 per month, Renter must pay Owners $1000 + RP per month as the total monthly rent payment under the Rental Agreement during an RTOA Term, of which RP which is added to your current TRP for your new TRP. The TRP and OF are combined into the TRP+OF account, a non-interest bearing account; the TRP+OF is intended to be used to pay for all or part of the required down payment.
RTOA TERM: The current RTOA Term is the amount of time from the signing of the current RTOA until the expiration of the current RTOA. The RTOA Term is (whichever comes first): (A) 5 years (ends at the end of the 5th Rental Agreement Term), or (B) Until the end of the last Rental Agreement if there is no current Rental Agreement in effect, or (C) Upon eviction if there is an eviction, or (D) Renter Voluntary Termination: If the Renter notifies the Owners in writing 40 to 50 days prior to the end of a current Rental Agreement Term, the RTOA will end at the end of that Rental Agreement Term. When the Option-to-Buy right is exercised by the Renter, the total amount of his/her TRP+OF account is automatically applied towards the Down Payment of the Property. The Renter MUST exercise his/her Option-to-Buy right within 30 days of the end of his/her last RTOA without penalty, else all of his/her TRP+OF account is forfeited to the Owners and Renter automatically loses his/her Option-to-Buy right. If damages to the property not due to normal wear and tear by the Renter exceeds the Renter's Damage Deposit, Owners may use, without prior notice or liability, that part of the Renter's TRP+OF account towards repairs of the damages. Owners will offer subsequent Rental Agreements to Renter as long as the Renter occupies this Property during the entire current Rental Agreement Term and does not violate any provision of the current Rental Agreement which would reasonably justify his/her eviction (the basic rent between Rental Agreements may change up or down depending on inflation/deflation and the Owners expenses towards the Property). This RTOA Term will begin at 12PM (midnight) on ________________________, and expire at 12PM (midnight) on ________________________. Provisions of the RTOA may be changed, added to or deleted each time a Rent Agreement Term ends thru Amendments to the Rental Agreement.
APPLICATION OF THE TRP+OF ACCOUNT: Upon purchasing and closing of the conveyance of this Property under the conditions described above, 100% of the TRP+OF account is applied to the down payment (above) for the Property. If the down payment exceeds the TRP+OF account, the Renter must pay the difference within 30 days. If the down payment is less than the TRP+OF, the remaining TRP+OF balance is added to the down payment and is also applied to the purchase of the Property. If the Renter does not or cannot fully exercise his/her Option-to-Buy right within one 5-year RTOA Term + 30 days, all TRP+OF money is forfeited to the Owners immediately after this period expires. EXAMPLE #1: If the Guaranteed Sale Price of a home is $100,000, then the minimally required down payment of 10% is $10,000. If the Renter's TRP+OF account is $9,000, the Renter then pays in another $1,000, and obtains financing for the $90,000 home balance + his/her Closing costs and other costs he/she acquires (eg: inspection, appraisal, etc.), and the Property is Closed within 60 days of payment of the down payment, the Renter then totally owns the Property. If the Renter had a TRP+OF of $11,000 (not $9,000), the new down payment becomes $11,000, and the new home balance becomes $89,000 (not $90,000).
NO PENALTIES FOR OPTION-TO-BUY WITHIN ANY RTOA TERM: During any RTOA Term, you may exercise your Option-to-Buy right at any time, regardless of how much you have in your TRP+OF account, just as long as you pay us the entire minimal 10% down payment within 30 days of exercising your Option-to-Buy and the Property Closes within 60 days of payment of the down payment, without any penalty.
NOTICE REQUIRED TO EXERCISE OPTION: To exercise his/her Option-to-Buy, the Renter must deliver to the Owners in writing his/her Notice to Exercise Option during or no later than 30 days after expiration of the current or last Rental Agreement Term. This written notice must include a Closing date mutually agreed upon to both parties, which must occur within 60 days of the payment of the down payment.
FINANCING: The Renter is solely responsible for obtaining his/her own financing to buy the Property. The Owners make no representation or warrantees relevant to the availability of financing for this RTOA contract for any Renter. While the Owners will seriously consider any offer or application provided to them for Owner Financing (interest will be negotiated at that time), Owners are under no obligation or liability to provide Owner Financing.
CLOSING, SETTLEMENT & REPAIRS (after exercise of Option): If the Renter
exercises his/her Option to Buy, Owners shall transfer the Title free of any
liens, judgments or other encumbrances at Property closing. The Owners shall
pay 50% of closing costs, up to $1,000 maximum. The Renter shall pay for all
remaining closing costs. Warranty of Owners to this Property is Limited to repairs
and replacements described below:
Owners shall pay 75% of all cosmetic repairs and replacements, up to $1,000 total, only under the (1) - (6) conditions stated in next paragraph.
Owners shall pay 75% 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) Owners must approve in writing of all work they will pay 75% towards prior to Renter 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 Owners by the Renter after work completions, and received by Owners no later than 90 days after the Notice to Exercise Option is issued. (4) Owners and their agents may inspect the work to make sure it is complete, well done and within City Code before reimbursing the 75%. (5) The 75% reimbursements can only be applied to permanent structures and fixtures of the Property. (6) Owners assume no responsibility or liability towards the work contracted for, the work contracts themselves, or to the contractors and their subcontractors and employees.
EQUITABLE INTEREST: Renter fully and unconditionally agrees that unless and until he/she actually purchases, closes and conveys this Property, and becomes the new owner of this Property, that he/she has no equitable interest in this Property. Renter shall not record this RTOA on the Public Records of any public office. In the event that Renter records this RTOA, this RTOA shall, at Owners' option, immediately terminate this RTOA without prior notice or liability to the Owners.
RENTAL AGREEMENT & POLICIES PROVISIONS: All of the Rental Agreement Provisions also fully apply to this RTOA. If the Rental Agreement expires and a new Rental Agreement is not signed by all parties within 30 days of the last Rental Agreement's expiration, or if the Renter is evicted, or if the Renter reasonably qualifies for eviction but is not evicted, this RTOA immediately expires and all RTOA payments made by the Renter is forfeited to the Owners. All Policies stated on our home-policies.htm webpage also fully apply.
INSPECTIONS, APPRAISALS, SURVEYS, ETC. REPORTS: If Renter wishes to have the Property inspected, appraised, surveyed, other action, he/she may hire a licensed home inspector(s)/appraiser(s)/surveyor(s) at Renter's full expense and responsibility. Owners have the option but not the obligation to pay for in part or all of inspection(s), appraisal(s) and/or surveys, but if they choose to do so, they must clearly agree to their costs in writing prior to any of these actions being done. Renter must notify Owners at least 10 days in advance of any of these actions, and Owners have the option to object to and/or attend to any of these actions 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 these actions, as well as to ask Renter, inspector(s)/appraiser(s)/surveyor(s)/others questions relevant to these actions, and to receive clear, accurate, definitive and complete answers to all of their questions for their record. If the inspector(s)/appraiser(s)/surveyor(s)/others displaces, removes, damages or destroys all or any part of the Property or injures himself/herself/others, Renter is 100% liable for fully restoring the Property to the Property's conditions prior to the arrival of the inspector(s)/appraiser(s)/surveyor(s)/others, and to pay in full for all related injuries, if any. Furthermore, if the inspector(s)/appraiser(s)/surveyor(s)/others produce a written or recorded report(s), he/she/they must provide accurate and timely written copies of all of them complete and unredacted to the Owners of the report(s) at no cost to the Owners within 30 days of the report(s) being provided to anyone else, and his/her/their report(s) must not be made public unless and until the owners either make it public themselves or give the Renter written permission to make it public. If such 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 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, Owners reserve the right to object to and to cancel the providing of any report(s) to any or all of these entities with no cost or liability to Owners, and Owners reserve the right to have included in any report(s) at no cost or liability to themselves their own frank comments and observations relevant to the report(s) and all persons involved in the action(s) of which the report(s) directly or indirectly refer to.
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 dies during the Term of this RTOA, his/her interest in this RTOA is automatically evenly distributed to all living Renters, else it transfers to his/her heirs. If an Owner dies during the Term of this RTOA, his/her interest in this RTOA automatically transfers to the remaining Owners, else it transfers to his/her heirs.
TERMINATION REMEDIES: If the Renter defaults on the terms and conditions of this RTOA contract or the Rental Agreement, the 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 Owners as serious enough or impacting enough on the Rental Agreement, they also have the option to also terminate the Rental Agreement without prior notification or liability to themselves. If the RTOA is terminated for just cause, the Renter's total TRP+OF account will be forfeited to the Owners. This is in addition to any other remedies available to the Owners by law or in equity.
OTHER TERMINATION OF RTOA CAUSES: (1) 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 Owners or beyond their control and other than due to normal expiration of Rental Agreement Term automatically terminates the RTOA. (3) Renter Voluntary Termination, but only if not followed within 30 days by the full down payment for the Property. In all of these cases, the Renter's total TRP+OF account will be forfeited to the Owners.
RESPONSIBILITY: All Owners are both severally and jointly responsible for all terms and provisions of this RTOA, the Rental Application and the Rental Agreement applicable to them. All Renters are both severally and jointly responsible for all terms and provisions of this RTOA, the Rental Application, and the Rental Agreement 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 and/or of the Rental Agreement, all other terms and conditions of the RTOA and of the Rental Agreement shall remain in full force.
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 #1: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter #2: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter #3: _________________________ SIGNATURE: ____________________________ DATE: ________
Renter #4: _________________________ SIGNATURE: ____________________________ DATE: ________
Owner #1: John J. Williams SIGNATURE: ______________________________ DATE: ________
Owner #2: Laurie Williams SIGNATURE: ______________________________ DATE: ________
Thank YOU very much for your time and attention. "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 is a method for buying property, in this case, our Real Estate Property located at 2011 Crescent Dr., Alamogordo, NM, USA. Our "Property" is also referred to as our Home, House, Premises, Alamogordo Real Estate or similar. 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, 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 our webpages of interest you have any questions, concerns or suggestions 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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