FAQs
1 / How does Rent-To-Own work?
You choose the property and we buy. You rent, save and build credit for the duration of the program. Then we transfer the ownership to you at the end of the program. Our program is structured to ensure that you are set up to complete the program and take home ownership!
2 / Do I need a job to enter the program?
We do require you to have (or to have potential to earn) stable income in order to determine your ability to purchase the house at the end of the program. It is part of our due diligence to ensure you are set up for success.
3 / What is initial option consideration and monthly option credit?
Initial option consideration is the initial payment made by you upon entering the program (e.g. $5000). Monthly option credit (e.g. $300) is the monthly payment in addition to the monthly rent during the term of the program. The initial and monthly option credit collected will be credited back to you upon completion of the program which can be contributed to the down payment of the purchase of the home. In other words, the option money is still yours, but we require this to ensure sufficient amount is saved for the purchase of the home by the end of the program.
4 / Who is responsible for cost of home inspection?
You, as the future homeowner, will be responsible for cost of home inspection. The home inspection is mandatory before we purchase the house for you. This cost is approximately $500.
5 / What is the program entrance requirement?
Typically, we require minimum of $5,000 initial option consideration/ initial payment (This amount depends on the property that you want us to purchase for you. It is fully credited back to you by the end of the program) to show that you are committed to homeownership as we are committing to purchase the property on your behalf. Second requirement is that the applicant(s) must have stable employment/ income - the higher the income, the stronger the application.
6 / How long is the program?
The program is typically 3 years but can be as short as 2 years or longer than 4 years depending on the case-by-case basis. The program can be extended upon semi-annual review of the client file.
7 / Who is responsible for property insurance, property tax and condo fee (if applicable)?
We are responsible for the property insurance, property tax and condo fee for the duration of the program.
8 / Is tenant insurance required?
During the duration of the program, you will act as the tenant. You will be required to have tenant insurance in place.
9 / Can I withdraw from the program?
Yes you can withdraw anytime. However, the initial option consideration and monthly option credit becomes non-refundable as the program has not been completed.
10 / Who do you accept to your program?
The program essentially works for anyone who has steady household income but does not qualify for traditional mortgage due to lack of credit history or down payment to purchase a home. We primarily work with immigrants and young working professionals but also accept candidates who are experiencing other financial difficulties.