Frequently Asked Questions (FAQ’s)

We thought of a few you might have up front:

What happens if I still cannot qualify for my own financing at the end of the Rent-to-Own program?

Our goal is your success. This means that we must make sure that the initial financial assessment gives us a clear picture of your current financial situation so the financial action plan is accurate for your situation.  It is just as imperative that you follow the action plan so you can qualify for financing at the end of the program. However, if anything were to happen to not allow you to qualify for your own financing at the end of the program, we will work with you on finding the right solution, including extending the program until you do qualify. This will ensure you do not forfeit your option consideration or any monthly credits.

 

What happens if the bank does not appraise the property for the agreed upon price when it is my time to purchase?

Although this is always possible we set the price at a modest appreciation rate based on certain statistics and anticipated growth for the area. Remember, we want to sell you as much as you want to buy your home.

This is a situation that would have to be looked at in the rare event it happens.

Now, consider that if the actual appreciation rate is higher than what we locked in “today” all the additional appreciation is yours to keep!!  In our projected price we leave room for you to enjoy some instant appreciation at the end of our program. We want this to be a win/win situation for you and us.

 

How do I know my option consideration and monthly option credits will be honoured?

Upon becoming a tenant buyer we will both sign a Purchase Option Agreement. Provided you have fulfilled the requirements outlined in the agreements we are legally bound to honour the contract (and will happily do so). We are confident with the fairness of our agreements and program and encourage our clients to seek independent legal advice.

The way we see it is... There is nothing better for the success of our business than a happy client. A happy client will bring many other clients. You success is our goal!.

 

How much does it cost?

There is no separate fee for a Rent-To-Own program. However, typically the monthly payment will be higher than a regular rent because we add the “savings” component called monthly consideration or monthly credit. These credits are non-refundable, but we look to apply them towards the down-payment of your home  at the end of the program.

Also, to secure your option to purchase your home you will need a deposit.  This non-refundable amount will be applied as a reduction or credit to the purchase price when the time comes for you to buy your home from us at the end of the program.

 

Why do you need a deposit?

We only want to work with individuals serious about taking control of their future. A deposit/consideration shows commitment to the program and buying your home. Remember we will be making a large investment of money and time by purchasing your dream home while you improve your credit and accumulate your down-payments and we need to make sure you are serious about transitioning from being a renter to becoming a home owner.

 

Can I have my lawyer review the documents?

Absolutely! In fact, we encourage our clients to have the documents reviewed by their lawyer.

 

If I change my mind, will you force me to go through the purchase of the home?

Never. While our ultimate goal is for you to own your home, we cannot force you to buy the property from us if you do not want to. With our Rent-To-Own program you have the right, but not the obligation, to buy the home at the previously agreed terms. In other words, you remain in control.

 

Contact us today if you have any other questions or to discuss your specific situation.

Contact Us