As a tenant, it`s always a good feeling when you find the perfect home to rent. You love everything about it, the location, the layout, and the amenities. However, what happens when you feel the urge to own the property but you`re not yet in a position to buy? That is where a home lease purchase agreement comes into play.

A home lease purchase agreement, also known as a rent-to-own agreement, is a legally binding contract between a tenant and a landlord that allows the tenant to lease the property for a set period of time with the option to purchase it at the end of the lease term. It`s a unique arrangement that provides a viable path to homeownership without the need for a large upfront payment.

The process of signing a home lease purchase agreement is similar to that of a standard lease agreement. At the beginning of the contract, the tenant pays a non-refundable fee known as the option fee. This fee is usually a small percentage (around 1-5%) of the purchase price of the property. The option fee is used to secure the property and give the tenant the right to purchase the property at the end of the lease term.

During the lease term, the tenant will pay monthly rent, just like in a regular lease agreement. However, a portion of the rent payment will be credited towards the purchase price of the property. This serves as a sort of savings for the tenant. Should the tenant choose not to purchase the property at the end of the lease term, the landlord keeps the option fee and credits to the purchase price of the property.

It`s important to highlight that not all landlords offer home lease purchase agreements. Finding a landlord who offers this type of agreement may take some research and patience. Additionally, not all tenants may qualify for a home lease purchase agreement. Landlords will usually require tenants to meet certain criteria such as having a stable income and good credit before they can accept a tenant`s offer.

In conclusion, a home lease purchase agreement can be a viable option for tenants who are not yet ready to purchase a property but want the flexibility to do so in the future. It`s a win-win situation for both parties because the landlord can earn income from the rental payments and sell the property in the future, while the tenant can secure a home and work towards homeownership. However, it`s essential to understand the terms of the agreement before signing and to work with a real estate agent or lawyer to ensure that the agreement is legitimate and in your best interest.

On July 15, 2014, the BRICS countries (Brazil, Russia, India, China, and South Africa) signed an agreement to establish the New Development Bank (NDB). This bank, also known as the BRICS Bank, was created to serve as an alternative to the existing financial institutions, such as the International Monetary Fund (IMF) and the World Bank.

The establishment of this bank was seen as a significant milestone in the efforts of developing countries to have a greater say in the international financial system. It was also seen as a way to improve the infrastructure and economic development of the BRICS countries and other developing nations.

The NDB is headquartered in Shanghai, China, and has a current authorized capital of $100 billion. Of this amount, each of the five member countries has contributed $10 billion. The bank`s main objective is to finance infrastructure and sustainable development projects in the BRICS countries and beyond.

One of the advantages of the NDB is that it allows developing nations to have more control over their own development. This is because the bank`s borrowers are also its owners, unlike the IMF and World Bank, where developed nations have more influence over the lending decisions and policy-setting.

Another advantage of the NDB is that it provides an alternative source of funding for developing countries. Many developing nations have been critical of the IMF and World Bank`s conditionalities for loans, which often come with policy reforms that may not be in the best interest of the borrowing country. The NDB`s lending is expected to be more flexible and tailored to the specific needs of the borrower.

The establishment of the NDB is also seen as a way to reduce the dominance of the US dollar in the international financial system. Traditionally, the IMF and World Bank have operated in US dollars, but the NDB plans to issue bonds denominated in member countries` currencies.

The NDB`s first loan was approved in 2016 for a renewable energy project in India. Since then, it has approved loans for several other projects, such as a water infrastructure project in Russia and a transport infrastructure project in Brazil.

In conclusion, the establishment of the NDB by the BRICS countries was a significant development in the efforts of developing nations to have a greater say in the international financial system. The bank`s main objective of financing infrastructure and sustainable development projects in the BRICS countries and beyond provides an alternative source of funding for developing nations, which is more flexible and tailored to their specific needs. The NDB is a welcome addition to the global financial system and may serve as a model for other developing nations looking to have more control over their own development.