Buying FAQ

 Rent to Own

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Seller Financing

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Rent to Owns FAQ

Can I choose my own house?

How much do I have to pay for the Initial Lease Option Deposit upfront?

Generally, a minimum of 3% of the purchase price is required for the Initial Lease Option Deposit.    Keep in mind, the less you pay upfront, the more your Monthly Lease Option Credits will have to be, and the longer the term as well, in order to acquire a large enough down payment in Lease Option Credits to set you up to qualify for financing.  But don’t worry; we can customize a plan to suit your financial situation.

How much do I need to have saved up for a down payment by the end of the term?

If you have 7-10% of the purchase price saved as a down payment towards the home purchase, it will improve your ability to qualify for a mortgage and reduce your mortgage costs.  Some buyers may be able to qualify for a mortgage with only 5% in Lease Option Credits saved toward the down payment, but the larger the down payment you have saved the better.

What if I have damaged credit?

We determine with our credit counsellor what steps to take in order to repair or build your credit over the term of your Lease to Own so that you are in the best position possible to qualify for a mortgage once the term is up.  It is our goal to set you up to be a successful and happy homeowner, so a plan will be provided to repair your credit…remember that it is ultimately up to you to follow the plan and set yourself up for success.

What if I can’t qualify for a mortgage at the end of the term?

It is our goal to make you a homeowner!  If you follow your credit repair program you should have no problem qualifying at the end of the term. If you are unable to obtain financing we would have to analyze the reasons why. Since we are private investors and not a bank, everything must be done on a case by case basis; if failure to obtain financing is due to a last minute spending spree, we would have to discuss things further. As long as you are in good standing with timely rent and monthly Lease Option Deposits, and you are maintaining the home in good condition, we will do everything in our power to help you exercise your option to purchase. Of course we will still honour all accumulated Lease Option Credits towards the new agreement as well.

Who is responsible for insurance, property taxes and utilities?

We take care of the property insurance and property taxes for the entire length of the term.  As the tenant home buyer, you are responsible for having a tenant’s insurance policy to insure your personal contents.  Utilities are not included in your monthly payments.

Who is responsible for regular maintenance and repairs to the house?

You will be the direct beneficiary of any improvements you make, as they will increase the value of your investment.  As you receive the benefits from improvements, you are also responsible for all of your home’s maintenance and repairs.  All homes require regular maintenance and repairs occasionally, so please keep this in mind and budget for it. 

How long is the term?

We find that usually a person is able to qualify for a mortgage and purchase the property within 1-3 years.  We can customize a plan to suit you, so if you need more time or less, we can still work with you and help you into home ownership.

When will I know that I’ll be able to qualify for a mortgage?

Through our credit repair program, we work closely with you to make sure you’re on the right track to be able to qualify for a mortgage once your Lease to Own term expires. We really want to make sure you’re capable of buying your home!

What if I can’t make my monthly payment?

We cannot stress enough the importance of ensuring that your monthly rent and Monthly Option Deposits are paid on time, every month in full.  If you fail to make timely payments, you will be considered to be in "default" under the terms and conditions of the contract. If you default, we reserve the right to immediately commence legal proceedings to recover and secure our interests in the property. If this occurs, you may lose all equitable interest in the property, including but not limited to: initial and additional option deposits, monthly option credits, etc. We will also be entitled to recover any and all legal costs that we may incur.

 A timely payment history is also very important to demonstrate to a future mortgage lender your ability to fulfill financial commitments, which is obviously very important to a lender and will assist in qualifying for a mortgage.

How does your tenant incentive program work?

For every 12 straight monthly payments made on time (which is easy thanks to our automatic payment system), we will credit you one extra Monthly Lease Option Payment towards your Total Lease Option Credits!

What if I decide not to buy the home?

What if I break the agreement and just walk away from the property during the term of the Lease to Own? 

You will be in “breach of contract” and will forfeit all Option deposit monies, and any and all interest in the property.  You will also be held responsible for any and all additional expenses we incur due to your breach of contract.

Who pays for a house inspection?

Every house must be inspected for our Lease to Own program, unless it’s brand new of course, and since you will be buying the home this is your expense.

Are pets allowed?

We understand pets are part of your family…so in most cases your pets are welcome within reason, but the owner reserves the right to use their discretion.

How fast can I move in?

Once we find you the house you want, it will take about a week to get all the paperwork done. From there it depends on when the negotiated possession date is, as soon as it’s bought it’s yours! 

Can I decorate the house?

Seller Financing FAQ

The mortgage and legal title remains in the seller’s name, so who owns the house?

The house is sold to you by way of Agreement for Sale.  This is a legal document which states that the house is sold to you, as well as the terms of the sale, which includes the financing provided by the seller.  The title is transferred to you (the buyer) when the seller is paid in full.

Who pays for insurance, repairs, maintenance, utilities, and taxes?

All of these expenses are your responsibility…remember, you own the home!

How much are my payments each month? How much do I have to put down?

These are determined on a case by case basis, as each house is very different.

Which homes can I buy on seller financing?

We have select Homes for Sale on seller financing.  You will find them on our website and it will indicate “Seller Financing Available”.  Please contact us if you would like to buy on seller financing but don’t see the dream home you are looking for listed here.

What happens if I can’t make a payment?

A bank expects house payments to be made on time and in full…and so do we.  We cannot stress enough the importance of ensuring that your monthly payments are paid on time, every month in full.  If you fail to make timely payments, you will be considered to be in "default" under the terms and conditions of the contract. If you default, we reserve the right to immediately commence legal proceedings to recover and secure our interests in the property. We will also be entitled to recover any and all legal costs that we may incur.

What happens when the financing term ends?

The seller has agreed to provide financing to you for a specified period of time.  Prior to the end of the financing term, you will need to obtain other financing in order to pay out the loan provided by the seller.  When the seller is paid in full, the legal title will transfer to you.

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