Rent Now, Buy Later!

The Rent-to-Own program (also referred to as the Lease with the Option to Purchase, Lease Option or Lease to Own) lets you " lease" a home of your choice and buy it later.

Once approved for the program, you choose a house that's for sale just like any other person buying a home. The house is purchased on your behalf and leased to you for a set amount of time. At the end of the leasing period you have the option to purchase the home - you do not have to buy it. You have the EXCLUSIVE RIGHT to purchase the home and the landlord/seller MUST SELL the property to you at the agreed upon price should you want it.

Why can apply? 

Anyone who…

• is a current resident or newcomer to Canada;
• has enough steady, verifiable income to support the purchase;
• has minor credit problems that can be rehabilitated within 12 - 36 months to qualify for a mortgage; and
• has a down payment 4%.

How does the Program Benefit You?

• You will live in the home of your choice while working on becoming eligible for financing.
• 100% of the deposit and 20% of your lease payments is applied to the down payment and closing cost of your home.
• You get the chance to rehabilitate your credit within 12-36 months to qualify for a mortgage.
• We help you reduce your debt by 40 - 60% and get you out of debt in 1 - 3 years.
• Qualifying for the program is easy. All that is required to join the program is verifiable income to support the monthly lease payments and (if required) monthly option credit.
• No one else can buy the property during the Rent-to-Own period.

Frequently asked Questions

1. How much of a down payment is required?
   You are required to pay a non-refundable "option sum" (deposit) that represents 4% percentage of the purchase price of the property. If you are unable to come up with the full amount, you may be permitted to pay it over a prearranged period of time. 100% of the deposit is credited towards the purchase price of the home.
   
   
2. How long is the lease term?
   The lease is based on a one-year term and you have the right to extend or renew for up to two more years.
   
   
3. What happens if I decide not to purchase the property at the end of the lease?
   You may exercise your right not to purchase the property at the end of the lease. You will not be reimbursed the deposit that was to be used as a down payment towards the purchase of the home. You are under no other legal obligation. If you decide to break the lease before the option term is complete you also loose your deposit.
   
   
4. Is the prospective buyer allowed to renovate or make improvements to the home?
   Yes, you are allowed to improve your home, however the landlord/seller requires advance notice and must give their approval.
   
   
5. Who is responsible for maintenance and repairs of the home?
   You are responsible for any repairs under $500 per month and any improvements made on the home.
   
   
6. Who pays for insurance, maintenance fees and property taxes?
   Your lease payments include maintenance fees (if leasing a condominium), property taxes, and building insurance fees.
   
   
7. Can I purchase the property before the end of the lease term?
   Yes! You can purchase the property at anytime during the lease term, providing that all conditions in the lease agreement are met.
   
   
8. Is the purchase price of the property guaranteed?
   Yes, the purchase price is guaranteed over the term of the agreement. The lease is based on a one-year term and the tenant/buyer has the right to extend or renew for up to two more years.
   
   
9. Who buys my house? Who am I leasing my house from?
   The house is purchased on your behalf by lenders or by individuals interested in investing in real estate. Françoise has a network of investors that she works with.
   
   
10. Why is the down payment non-refundable?
    The property is purchased on your behalf by investors. These investors put themselves in financial risk - remember they are giving you money that banks won't! If you back out, they are left with a property they didn't choose. The non-refundable deposit means that they have something to show for the risk they took on you.
    
    
11. What if I still can’t get financing at the end of the 3 years?
    All applicants are re-qualified to ensure that they are able to get financing at the end of the 3 years, however, if you fail to improve your credit you will be unable to purchase the property and you will lose all of your deposit. Francoise and her team will work with you to ensure that you do not lose your deposit.