Frequently Asked Questions

Visit the PROGRAM page for a detailed description of how the program can work for you.

Our 5 step process includes: 1) Apply and qualify 2) Work with your team 3) Home purchase and move in 4) Live, lease and lay aside 5) Home Ownership! For more specific details on these steps, visit the HOME page.

First step is to fill out the application form on the APPLY page. The base qualifications are that you: 1) are a Canadian resident, 2) earn an annual household income of at least $85,000, and 3) have at least $10,000 saved up for a down payment.

Most tenant buyers are prepared to purchase their home in 2-4 years, but your program will be designed to fit your budget.

As soon as you find out that you qualify for the program, you must pay a $1000 commitment deposit. This is to indicate your commitment to the program before your power team gets to work. This money goes towards your initial option amount, your "down payment" for the program.

This fee is to ensure that you are committed to the program before we send your power team to work. This money will go towards your future down payment. Once you qualify for the program, this fee is nonrefundable if you change your mind. If you do not qualify for the program, this fee will be returned to you in full.

Yes, all properties purchase for the Rent to Own program must be inspected prior to purchase. As with home ownership, this cost must be covered by you.

You! With support from a realtor and a budget developed by you with your mortgage broker, you will choose a home that is right for you. There are some criteria the house must fit in order to be approved by the Rent to Own program, which will be discussed with you prior to shopping. These criteria are set in your best interest, to ensure you choose a house that will increase in value and serve your family well. Warning: our company will not get into bidding wars over properties or pay more than their value, so if your chosen house has multiple bids or is priced too high, you may need to choose another property.

1) Your $1000 commitment fee is due after you qualify for the program, but before you meet your power team and the real work starts! 2) Your initial option payment (your "down payment" for the program) is due prior to placing an offer on your house. 3) Your rent and monthly option payments are due on the 1st of each month.

Only a portion of the money you have paid for your initial and monthly option payments will be returned to you. The rest of the money will go towards any costs incurred, including if any maintenance is needed and to cover future mortgage payments while the house is vacant. All details will be outlined in the lease contract. Rent will continue to be due on the 1st of the month until you vacate the property. A new lease contract may be needed.

Pets are often approved to live in the house during the Rent to Own program, but must be discussed with your program manager.

With approval, surface changes are often approved and even encouraged to help you increase the value of your home. Most common changes that are approved include painting and fixture or hardware upgrades. Larger renovations will be approved under stricter criteria and must be completed by licensed professionals. As with home ownership, renovation and upgrade costs must be covered by you.

Home/property insurance is the responsibility of the owner of the house (the property manager or an investor) and will come out of your rent payments. However, tenant/content insurance to protect your possessions is strongly encouraged.

As with home ownership, you will be responsible for maintaining the property, both inside and out. Any costs incurred by fines from lack of care for the exterior of the property or unsafe walkways will be paid by the tenant.

All members living in the home must be included in the contract. Additional dwellers must be approved by your property manager prior to move in, with the exception of babies born to members of the house and legal adoptions.

As a responsible home owner, any events thrown in the house must follow the local laws. Any costs incurred from fines due to noise violations or property damage will be passed onto the tenant. Any damage to the house must be reported and repaired by licensed professionals; all costs incurred will be passed onto the tenant.

You will have 2 monthly payments due on the 1st of the month to your property manager. 1) Rent 2) Your monthly option payment: this is the money that will be set aside to be your down payment when you purchase the house. Payments are encouraged to be made through e-transfer, but can be made by cheques. All cheques must be postdated and provided to the property manager at the beginning of the program.

Your monthly option payment is the money that will be set aside to become your down payment when you purchase the property at the end of the program. It must be paid separately from your rent.

This is the "down payment" for your program. This money will be saved for when you purchase the house at the end of your program, which will grow with the addition of your monthly option payments.

You will be charged fair market rent for your home based on its size and location. However, your rent must cover all costs for the duration of the program (mortgage, insurance, and property tax).

No. Your rent price is locked in for the duration of your program, as long as it continues to cover the costs of the house (mortgage, insurance, and property tax).

As with home ownership, all utilities are the responsibility of the residents. Budgeting for utilities will be factored into your personally-tailored program plan.

No, we pay the mortgage while you are leasing your house, so there is no interest charged to you during the program.

By following our personally-tailored program plan, you will lower any debt you may have, improve your credit, prove that you can consistently pay for all costs associated with owning the home, and have a significant down payment saved up. Your mortgage broker will work with you to ensure the house you choose will be within your means to purchase at the end of the program.

We will be contractually obligated to save your house for you until the end of your rent-to-own program. You will indicate in writing near the end of your program your desire to purchase the house. If you decide to not purchase your home, only after your program and lease contract ends would we be legally allowed to sell the house to someone else.

Once you own your home, you will have full autonomy on all decisions regarding your property. Hopefully your smart purchase and care for the property have allowed it to increase in value at the time of your sale.

Your future purchase price will be determined at the beginning of the program so you know exactly what you will be paying and working towards. Your home will be appreciated annually based on the location and historical data.

We will honour the price that we agreed upon at the beginning of the Rent to Own program as outlined in our contracts. We legally cannot break the contract, charge you a higher purchase price, or sell to someone else. This increase in value is a gift to you!

We understand that life brings surprises and that even if you are following your personally-tailored plan, there is a chance you may not be ready to purchase at the end of your lease contract. We will do our best to extend your program for the additional time needed, to the extent that is in our control.