What governs Rent2buy?
The Rent2buy concept is not regulated under the Alienation of Land Act, but rather a formal purchase agreement is drafted (if not already in place) which sets out the purchase price and terms that will kick in once the option to buy is exercised.
The buyer usually pays a higher rental than he would have paid for a normal lease of the property.
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The extra rental is paid to the seller, but credited as a savings towards a deposit by the seller.
This means that at the end of the Rent2buy term, the purchaser can deduct the deposit paid and apply for a smaller home loan.
We also combine home ownership education, debt and affordability repair and improvement, regular credit and affordability assessments through the series of a Rent2buy and My Budget Fitness Personal Trainer.
That will ensure that a Rent2buy purchaser stays financially fit and even improves credit score and affordability fitness during the Rent2buy term, says de Waal.
We mentor and guide the Rent2buy purchaser during the full Rent2buy term and assist them with a home loan application just before the expiry of the Rent2buy term.
One of the large lending institutions even requested to partner with de Waal’s team as it realised that when a Rent2buy purchaser applies for a home loan at the end of the Rent2buy term.
It is supported with a full history and proof of regular payments of an instalment that is as close as possible to a future home loan instalment and is also supplemented with a strong credit score and other up-to-date financial documentation.
Author: Meyer De Waal
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