It is really crucial that you have a contract for everything important that you do. This has many advantages as you will be able to know a lot of aspects of the contract. The time period, items and services under the agreement, the two parties and other terms and condition of the agreement are included.
Documents needed for Agreement:
Like all contracts, the stop renting and move into your own home Agreement also needs some documents so that the legality of the deal is confirmed. Plus there is no glitch in the whole process and approval. You will need the following documents that you have to attach with the agreement.
Proof of Identity:
The very initial proof you will have to show is your identity. If you think that only your ID card will be enough then think again. The evidence must include;
- Passport or the driver’s license
- Insurance card
- Birth certificate
- Registration of the car
Professional and Personal Reference:
This is important to give to establish that the buying party has a clean background. At least two testimonies should be provided in the form of an application in which the referral must mention that the person under discussion is honest and sincere.
Evidence of Affordability:
Produce evidence that you can afford the thing under agreement by giving a duplicate of previous receipts of items bought. This will validate that you have enough resources to afford the contract.
If you are a salaried paid then you have to show at the minimum 6 months’ salary slip to prove that you can easily and regularly pay for the installments. Bank statements are required for those who own a business.
Photocopy of Utility Bills:
The utility bills of the previous rented home are essential this is also taken as a proof that you have been living in a house for some time and know what are the requirements when you go through the procedure of rent to buy houses.
Along with the references from previous landlords and neighbours; it is vital that you also give the background information of all of the members in your family who are going to be living in the house. It is necessary for the seller and the neighbours of the house to know everything about you and your family.
Key Points of stop renting and move into your own home:
It is essential that you know what important information is compulsory to put in the agreement form. You can get assistance from Stop Renting Perth which is one of the leading companies that helps its clients to make an agreement. Beneath is information that is needed to be filled in an agreement.
General Information of Landlord and Tenant:
The very first data that has to be filled is the general info about the landlord and tenant. These two people are the basic parties between which the agreement is been done. The name and address of both the landlord and the client are mentioned in detail. Cleveland sell home It is to make clear of the groups between the contract is been agreed upon.
Conditions of Agreement:
When you are making an agreement of rent to own then there are three conditions under which the contract is been designed.
- The ownership belongs to the landlord.
- The house is leased as per the wishes of both the parties.
- An open option of buying the house is also in the agreement.
Time Period of Contract:
The period in which the house will be leased or in other matter been bought. The exact time span is determined by calculating the total purchase price of the house. Then deciding the time by which the whole payment will be paid. The precise date of the end of the agreement must also be mentioned.
A proper detail of the payment should be entered in the contract. A list of payment due date with months must be made to make sure that the amount is received on time. The mode in which the amount has to be paid and mention of the person who will receive are essential to note. If the client is late on a payment then a penalty is put and has to be paid with the next instalment.
Depositing the Security:
A substantial amount must be deposited so that the landlord ensures that the amount is used appropriately for repairs for damages to the property and other maintenance wear and tear. If the deposit is for rent to buy then it is a down-payment given to the landlord.
Details of People Living:
Full detail of all the people who will be living in the house is essential to provide. Once you have owned the house then there is no need for it anymore. But until you are under any agreement; you are to follow the rules.
Understanding the Terms and Conditions:
Stop renting and move into your own home Agreement has many terms and conditions that need to be understood in a proper way. For this purpose, you are in desperate need to hire a professional who has the knowledge and experience to help you from the beginning until the end.