Key conditions of Rent to Buy contractBefore using NUMAI service carefully evaluate all the conditions and financial commitment.
After signing rent and preliminary sales-purchase agreements with NUMAI, you will have to pay the contract fee at NUMAI self-service. This tax is standardly 1% of the price of the selected property, but it can differ case to case.
After receiving the property valuation, you will also pay the advance through NUMAI self-service. The minimum amount of the advance payment for apartments is 2.5% of the price of the selected housing, for houses – 5%. The down payment, together with the monthly savings, will make up your down payment, which you will use to buy your home from NUMAI. The maximum amount you can save with NUMAI is 15% of the price of the house.
Housing prices and the amount of monthly payments may change for the reasons specified in the contract:
- All costs directly related to the purchase of the property are covered by the client. However, for your convenience we will add these costs to the property buy-out price so you don’t have to pay them immediately. It will minimally affects rent and accumulation payments, but insignificantly. These costs preliminarily amount to about 1% of the housing price.
- Housing furnishing costs. If the accommodation you choose is unfurnished, NUMAI can organise and pay for the furnishing of the property. The full amount spent will be added to the purchase price of your property, and the rent and accumulation payments will increase accordingly.
- EURIBOR. Like the loan installments paid to our creditors, your rent is linked to EURIBOR – the average interbank lending rate in euros for an agreed period, which is monitored by the European Monetary Markets Institute (EMMI). After signing the contract, we will recalculate the rent based on changes in EURIBOR rate every 6 months, applying the 6-month EURIBOR of that day. The EURIBOR value, like your rent, can go up and down. Negative EURIBOR value is considered to be zero. EURIBOR index values and change history can be viewed here https://www.emmi-benchmarks.eu/benchmarks/euribor/rate/. EURIBOR does not affect the purchase price of the property.
- Housing price indexation. If you choose payment plan that includes property price indexation the buyout price of you property will increase every year according to your chosen indexation rate. Indexation of the property price does not affect the rent and accumulation payment sizes.
You will sign three contracts with NUMAI:
- Lease agreement. The rental agreement records the terms of the rental service, the size of monthly payments and the rental period.
- Preliminary sale-purchase agreement. In this contract, we agree on the housing purchase transaction in the future: at what price the housing will be sold to you, what is the deadline for exercising the right of first refusal and how the price of the housing may change.
- Notarized sales-purchase agreement. We will sign this contract at the end of the tenancy when you are ready to buy the property. With this contract, you will officially purchase the property and become homeowner.
The minimum term of the contract to exercise the right of first refusal is 2 years. This means that you can buy the house from NUMAI no earlier than two years after the start of the lease. The minimum term can be longer based on your chosen terms.
The maximum lease term is 10 years. In order to extend the lease term, we would sign new contracts.
We will take care of your home insurance – both the building and the property inside – once we purchase your chosen property. We have received competitive conditions for our clients from our partners and we are very happy to offer our clients such good conditions! Once a year, the insurance costs will be added to your monthly bill. In the event of an insured event, we will transfer the insurance payment to you. Therefore, you will not have to worry about home insurance.
If the property you have chosen is unfurnished, NUMAI can organize and pay for the furnishing according to your wishes. The installation would be carried out by NUMAI’s partners, and the costs incurred would be added to the price of your home with a corresponding increase in rent and accumulation payments.
If you want to organize and pay for the installation yourself, you are contractually obligated to finish furnishing process within 6 months from the beginning of the lease.
Rent has to be paid during furnishing period.
You can see the preliminary price of the service in our calculator.
However, the information provided in the calculator does not obligate NUMAI to provide you with the service. After evaluating the property you have chosen, the information provided in the client’s application and the credit history, we can adjust the offered service conditions.
Your rent contract will be registered in the Centre of Registries, thus ensuring your rights as a tenant. Since the lease is long-term and has an option to buy out the property, the real estate tax will be your responsibility.