What is Rent-to-Own?
Lease-to-own or rent-to-own home purchasing involves a lease agreement and an option agreement to purchase the property in a specific time frame.
The purchase price is determined at the start of the lease. We guarantee the price even if there is a great appreciation in the market and your home and property are appraised higher at the end of the term.
The lease term is determined by your needs, to help you restore or establish credit. The lease is often based on 1-5 year term. You are permitted to purchase the property any time during the lease term.
There is an initial option fee required when you sign the lease that is credited back to you at the time of purchase. You will also receive a portion of each months lease payment as a credit at the time of purchase. You are able to build equity quickly with this plan. We work with you and a mortgage broker to help prepare for a successful purchase at the end of the lease term.
Included in your monthly lease payments are:
- Building Insurance
- Property Taxes
- Strata Fees
- Rent Payments
- Lease Option Credits
You only need to pay for:
- Content Insurance
- Utilities such as Hydro & Gas
- Cable TV, Telephone, and Internet if you wish to have them
You can follow any responses to this entry through the RSS 2.0 feed.