Frequently asked questions
What is the Lease with a Right to Purchase Program?
Our Lease with a Right to Purchase Program (the “RTP Program”) allows you to find a home that you want to rent from us initially, but who may also like to buy at any time within the next three to five years.
We believe that there are many households who may be thinking about buying a home but for whatever reason would like to (or need to) rent at the current time.
You can lease the home for up to three to twelve years, depending on your situation, and you may purchase the home from us at any time at a predetermined price in accordance with the Right to Purchase agreement.
Who is eligible for the RTP Program?
We have certain minimum criteria for our program. Your household must have a monthly income which is at least three times the monthly rent of the home being leased. You must have stable employment. We cannot accept you into our program if you or anyone in your household has a history of eviction or a pending bankruptcy. Eviction, skip, or money left owing to a Landlord or falsification of this application may result in an automatic rejection. Everyone in your household will be subject to a criminal background check. Rental or mortgage history may be verified on present and previous residence. A positive record of prompt monthly payment, sufficient notice, with no damages is expected.
How much does it cost to apply for the RTP Program?
Each adult applicant in the household will have a one-time Application Fee of $35 that must be paid online as part of the application process.
Why might my application be denied?
We take several factors into consideration when reviewing an application, which include household income, rent-to-income, and debt-to-income ratio, rental and housing history, employment history, criminal history, and FICO® score. We consider the profile of the entire household when reviewing an application. If your application is denied, you will receive notification in writing.
Is there a required deposit?
Yes. Generally, we require a deposit equal to 10% of the homes' current market value. This deposit is not applied towards your rent. If you decide to leave the home at the end of your lease term and you have been in compliance with the terms of the lease and return the home in the same condition it was in when you moved in (normal wear and tear excepted), the full deposit will be returned to you or credited to the purchase price if you buy the home. The full deposit (less any outstanding charges owed to the community) is also returned to you if you exercise your Right to Purchase the home.
What is the total cost to move in?
The total cost to move-in is the sum of two amounts: 1) First Month's Rent, and 2) Option Deposit. Generally, we require an option deposit equal to 10% of the home's current value. For example, let's say you are renting a home for $750/month, and the home is currently valued at $15,000. Then your total cost to move-in would be $2,250 ($750 + $1,500). Please note that the full Option Deposit is returned to you when you exercise your Option to Purchase the home.
How long does it take from when I select a home to when I move in?
Once we enter into a Right to Purchase Agreement for a home, we request first monies (typically 10% deposit & first month's rent) to be paid via Money Order, Certified Check, or Cashiers Check. Once received, you are officially a resident and you can move in that same day!
Exceptions on same-day move-in occur if you have reserved a home while the home is being renovated. In such a scenario, we will keep you informed throughout the entire purchase and renovation process so that you are aware of this timing.
What happens after I move in?
You are our tenant, and we are your landlord. You have entered into a lease with us and are bound to the terms of that agreement. We will collect your monthly rent and perform any necessary repairs that are our responsibility after you move in.
Can I pay rent online?
Yes, you can make online payments through our residents' portal.
As a resident, what are my responsibilities?
It is important to read the lease thoroughly and ask questions about anything that you may not understand. In general, tenants are responsible for:
- All utilities, exclusive of those provided in the lease
- Cleanliness and safety of the leased premises, lot, and surrounding area
- Lawn care, unless otherwise provided
- Minor upkeep, including but not limited to replacing light bulbs and filters, and keeping drains clear
- Changing the smoke detector/carbon monoxide detector batteries during tenancy (these are new when you move in)
- Proper disposal of trash
- Compliance with all community rules and regulations
- Security of keys and entrance codes
- Consideration for your neighbors
- Following the terms of your lease
Are the monthly rent payments that I make applied to the purchase price of the home?
No. Monthly rent payments are not applied to the purchase price of the home. If you decide to exercise your Right to Purchase, you must pay the full predetermined price as set forth in the Right to Purchase Agreement.
How do I exercise my Right to Purchase?
You may notify your community manager at any time that the Lease is in effect that you would like to exercise your Right to Purchase. However, you must provide us with that notice in writing at least 60 days before you want to complete the purchase. Once you notify us that you want to exercise your Right to Purchase, we will contact you to get the process started.
We request advanced notice so that we can arrange to have the title to your home prepared for you to take ownership.
Can I buy a home in the middle of a lease term or do I have to wait until the end of the year?
You can exercise your Right to Purchase at any time during your Lease. However, you must provide us with written notice of your intent to exercise at least 60 days before you want the sale to close. In addition, the closing date must occur before the end of the applicable Lease term.
Do you provide me with a mortgage or other financing?
We are not a mortgage company and we will not provide or arrange a mortgage loan for you. We cannot guarantee that you will be able to obtain a mortgage loan if and when you wish to exercise the Right to Purchase. On some occasions, we may (but are not required to) finance a portion of the purchase price in excess of the Option Deposit. Such financing will be evidenced by an unsecured promissory note.
What other costs can I expect to pay?
While your monthly lease payment may be your biggest expense you’ll have other regular payments. They may include utilities, lot rent, insurance, routine maintenance and other service fees such as water and sewer. Today’s manufactured homes are built to meet new national energy standards set by the Department of Housing and Urban Development. These standards ensure that you home is well insulated and help reduce your monthly energy costs.
What do I do if I want to sell my home?
If you want to sell your home, the first thing you need to do is to give communnity management 30 days’ notice. After giving proper notice, if you are selling your home to people who want to live in the community, they will need to be approved by management. They can apply through our website by clicking “Apply Now” on website. Once they have completed the application, they will get an answer within 7 business days. If they are approved, they can move in once the current resident’s account is brought current and the home meets community standards.
Do you offer moving assistance?
Yes!! Moving a home can be very expensive. We understand this and do not want that cost to impede your ability to move into our community. If you are interested in bringing a home into our community, please contact the community manager and they will advise you on next steps.
Can I have pets in my home?
Yes! We know that pets can add to that special mix of family and our communities support your love for pets. With a few rules, your community welcomes pet ownership and keeping them in the family fold. Residents are allowed a maximum number of two (2) pets (cats or dogs) in the home. Pets must be community registered. All weights and sizes are accepted. One pet is $30/month. Two pets are $50/month. No pet deposit is required.
For the safety of our residents, Sunrise Communities recognizes all city and county legislation which may restrict or prohibit animals that are known to be a breed demonstrating vicious or aggressive behavior. We expressly prohibit the following dog breeds (including partial mixes of same): Doberman, Pitbull, Rottweiler, Wolf Dog, or Mastiff. Further, livestock/farm animal pets such as pigs, horses, chickens and goats, aquariums over 20 gallons, and exotic, and verminous pets, are not allowed.
Please note that although assistance animals are excluded from our pet policy requirements, supporting documentation is required to qualify as such. We expect all residents to abide by city and state laws.
Do you have any home incentives or promotions?
Yes! Please ask about our Tax Max Program, which allows you to get a cash advance on your Tax Return. You can use this cash however you like. It could help you cover the total cost to move in, or you could apply it to the purchase price of your home. If you decide to use our Tax Max Program when you exercise your Right to Purchase the home, we will help you Double Down. Let us file your taxes, and we'll double your tax refund - saving you up to $6000!