Balloon: You MAY pay this amount in order to exercise your option to purchase and dissolve the lease. Though you're entitled to the exclusive option to purchase, this payment is not a requirement. A lease purchase requires that the tenant pursue the purchase. A lease purchase is when you sign a purchase agreement. Because most of our homes are new, you may have already realized that we aren't in the business of renting vacancies. It is even more important that you understand we're also not in the lease purchase business. We only deal in purchase options. We are hired essentially to provide the customer with an opportunity. There is no obligation. This amount is negotiable. Interest: You MUST pay this amount every month as rent in order to legally occupy the residence during the lease. This amount is fixed and will not increase or decrease during the lease. This amount is due on the first day of every month until you either exercise your option to purchase or the lease has ended. Tax: You MUST pay this amount when you pay interest. We do not determine this variable amount. We're responsible for the payment of property taxes, and the net lease requires that you reimburse the owner. Insurance: You MUST pay this amount when you pay interest. We do not determine this variable amount. We're responsible for the payment of premiums to the hazard insurance company, and the net lease requires that you reimburse the owner. Association: You MUST pay this amount when you pay interest. As a member of the property owner's association, you and your neighbors determine this variable amount. We're responsible for the payment of dues to the property owner's association, and the net lease requires that you reimburse the owner. Late: You MUST pay this amount if any amount in the lease is past due the grace period. The fee is charged per each occurrence and is charged every time an individual amount in the lease is past due the grace period. Worthless: You MUST pay this amount if any payment is deemed counterfeit or worthless. The fee is charged per each occurrence and every time any payment is received that is deemed counterfeit or worthless.
136 Cypress Lake Blvd , Madison, MS 