FAQ

How much is the down payment?
Down payments range from $3,000 to $15,000, depending on the property and the applicant situation.

What if our credit history is not that great?
If you have blemished credit, prior bankruptcy, or poor credit rating you can still qualify for a Rent To Buy Home. Our programs reflect a willingness to help you if you are able to rebuild, establish and repair your credit.

What if we earn cash or unreported income?
We evaluate your circumstances in a fair way and take this situation into consideration.

Are the condominium fees, property taxes, insurance, utilities and maintenance included?
We pay any condominium fees (if it is a condo) until you own it. We pay the property taxes until you take over full ownership of the home. We pay for building insurance until you own it but you need to get your own contents insurance. Utilities and maintenance are your costs.

Is the purchase price negotiable?
The purchase price is fixed at a price one year from the date of moving in. If the home is worth more than our agreed-upon price then the price is not changed. You benefit from any appreciation over that amount.

Can we paint, make decorating changes or do renovations?
Yes, you can change colour schemes, decorate your home to your tastes and generally enjoy full use of it. However, we are cautious about renovations: if the renovation involves structural changes, permits, the removal of walls or anything you have to pay a contractor for then we need to know and approve it in order to protect our mutual investment. Unpaid construction projects allow contractors to place a lien on the home, preventing you from owning it. Poorly done projects detract from the value of your investment.

What if I cannot make the payments on the rent and Rent To Buy option?
You are required to make payments on time and in full. Failure to do so would result in a breach of contract and you lose your deposit and monthly Rent To Buy payments.

What if I change my mind, have to move, or don’t want to close at the end of the term?
Our contracts require that the home closes. We do understand that situations can change. If you needed to move suddenly, you could walk away and not close, but you would lose your deposit and down payments. A better solution would be to simply close on the home and then offer it for sale just like other people do if you owned it.

What if we cannot get financing at the end of the term?
We work with business partners that help you, and the regular length of time would be 1-3 years to convert to full ownership. You would follow their advice to clear credit issues so that you are successful. We want you to enjoy the benefits of home ownership and we want to help you in that goal.

What if we miss the property offered as a Rent To Buy?
We understand that sometimes timing isn’t perfect for some people. We have homes coming up all the time but they go quickly.