FAQ Handbook

When you purchase your home, you are responsible for the closing and title transfer costs. These include your financing costs, excise taxes, title transfer, escrow and other fees. Your financing fees are reduced if you decide to purchase with your included Ownoption Mortgage because lender closing costs are less than if you were to use a new mortgage.

You can use financing from any mortgage company when your purchase. However, Trio does require that you make application with one of our preferred lenders. Trio's preferred lenders are the only ones able to help with your assumption of the OwnOption Mortgage, as they understand how to use the benefits of your on-time payment history under your Trio financing agreement. Should you choose to purchase prior to your lease end, Trio requires 90 days written notice so we can help prepare you for the purchase process and the lender has time to approve and close your loan.

If the housing market goes down and your home's value declines, you have two options. You can purchase your home under your purchase option or you can decide not to purchase and end your lease without penalty. If you elect to move out, there is a move-out fee due of $795 to help cover our costs to remarket your home to a new household. Ultimately we are in this together as Trio is invested in your home and wants to see the best outcome for you.

You can purchase any time. There are no penalties to purchase early. As soon as you are ready to purchase, let us know. We will refer you to a preferred lender to get approved for your mortgage financing. Trio requires 90 day written notice of your intent to purchase in order to ensure you are prepared for the purchase process.

We set your purchase option price up front and include it in your financing agreement. You can use your purchase option anytime during your lease by providing us 90 days written notice when you are ready. We set your option price two ways. For TrioAccess and TrioFirst, the option price is established at the beginning of the lease at:

TrioAccess, the initial cost of the home price.

TrioFirst, at cost plus 1% of the initial home price.

For both programs this price is fixed for three years. You can purchase anytime during your lease.

TrioSelect is more traditional, in that it provides the most flexibility in lease term - from 1 to 5 years - and sets your option price based on initial cost plus an annual price adjustment. Today, this annual adjustment starts at just a 2% increase per year.

You are contractually obligated to stay in your home for a minimum of 24 months. If you need to leave earlier, you can use our sublease program, but you are responsible for lease payments until we find another occupant to pay the lease or until we can sell the home. After 24 months, there is no penalty for walking away, but you will have to pay a $795 move out fee for us to rehabilitate and remarket the home to another household. You must give 60 days' notice prior to moving out after 24 months.