NO! We “lock in” the price of the home for the duration of the option (usually 12-
24 months). At any time during that period, you can purchase the home for that fixed
purchase price. By locking in the price at the start, you will know the price of
the home and finance required, when you talk with traditional lenders later on.
What Is A Rent To Own?
A Rent To Own combines two agreements: a basic rental agreement and an option to
purchase agreement. The combination of these two agreements gives the tenant the
right to buy the property at a price agreed today, but not be obliged to purchase
the home until a later agreed date. In the meantime the tenant controls the property
and has the added bonus of being able to rent the property for a period of time before
the actual purchase.
In other words
Rent + Option to Purchase = Rent To Own
How Much Option Consideration Payment Will I Need?
That depends on your monthly payment, gross income and the price of the home. However,
the option consideration payment can be as low as $500 up to $4k for most of our
homes. In instances where you have a good steady income but insufficient funds for
the option consideration payment, we can give you extra time to make the option consideration
payment. However, we want to avoid you characterizing the option consideration payment
as either a security deposit or bond. It is not a bond it is a “Non Refundable Option
Consideration Payment” that we will credit back to you if you exercise your option
What Happens If I Don’t Buy At The End Of The Rent To Own?
If you don’t purchase at the end of the option, your option will expire and you will
loose your option deposit and any additional money you have contributed towards option
But I Still Want To Buy, But Can’t Get A Loan?
If during the term of the agreement you have put at risk your option in some way,
by late payments, incorrect disclosures, or other breach of your agreement, we won’t
be able to help you. If however you were on time and did everything you could, but
still could not get a loan, we would work with you to try to give you another chance
or you can try our Seller Finance Plan.
Can I Refinance The Home Before The End Of The Rent To Own Contract Date?
On most homes, you’ll need to live in the home for at least 12 months before exercising
What Kind Of Improvements Can I Make?
We want you to feel that the home is yours. You can make improvements, however we
require that you notify us and obtain any required local permits and follow proper
Does My Rent Apply Towards Paying Off The Home?
Yes, it can be discounted towards paying off the home. All situations differ. If
rent is paid on time, typically $25 to $200 can be deducted from the total purchase
price each month.
Who Is Responsible For Maintenance And Repairs?
It is our policy to have all of our properties in a reasonable state of cleanliness
and repair having regard to the age, character and prospective life of the home.
While you are on our Lease Purchase Plan you will take responsibility for repairs
and maintenance of your home. We would expect typically that you the tenant would
treat your home like a homeowner. You’ll change the light bulbs, fix a leaking washer
in a tap, and keep the house and yard in a neat, clean and tidy condition, which
means removing rubbish, keeping the lawn mowed, and not storing old cars in the yard
etc. After all, all new buyers do that so why shouldn’t you? In effect by entering
this program, we trust that you are committed to becoming a homeowner, and we want
you to take pride in the maintenance of your home.
Who Will Be Responsible For Taxes And Insurance?
Until your loan is approved and settled, we are responsible for paying the taxes
and having the home insured. You are responsible for the contents insurance for your
furniture and effects in the home. After the settlement of purchase you will become
responsible for paying the taxes and insuring the home.
We only show homes that are currently available for purchase. So if you see one of
our homes advertised you can assume that you can move in immediately. If the property
is unoccupied, you can finalize the paperwork and move in within 10 days or less!