Do you have any age restrictions for people wanting to lease a property?

We look at each person individually. The legal age to lease a property is 18. We have no upper limit since we want to create success for our clients.

I don’t have any money to put down on any of your properties, but I can afford the monthly payments. Can I still Lease-to-Own?

Many people believe that only cash can be used as a down payment. However, other items may be used. What do you have that is valuable?

How do I qualify for the program?

The approval process is quite simple. If you have a reliable income and that income will support the payments needed; then, you can be quickly approved. We ask that you be honest about your credit history, as this will impact your ability to get a mortgage at the end of the lease.

We can qualify you under these circumstances, since we are not like conventional lending institutions; we believe that everyone deserves a second, - some times a first chance to own a home.

I am new to Canada; can I still qualify?

Yes, we strongly believe that every person deserves to own their own home. That is one reason we are in the Rent-to-Own business.

Just because you arrive in Canada with no credit established Does not mean you should be punished.

The bank won’t let me use borrowed money for my deposit. Will you?

Yes, Unlike some financial institutions, we believe that you are free to choose where you get your down payment from.

My Credit is pretty bad; can I still qualify?

Yes, bad credit isn’t the major problem. The problem is your commitment to fixing your credit, part of which starts with your rent-to-own contract.

We ask that you be honest with us about your credit and that you work either with one of our brokers or with a credit repair agency of your choice. Our goal is to get you into registered home ownership at the end of your lease. This means that you must work to repair your credit.

How long does the paper work take?

If you have submitted a completed application, approval may be completed in 2 – 4 business days.

We require that spouses or common law partners also fill out a separate application, as this will ultimately improve your chances of being approved: either by us or at lease end by the financial institutions.

Once your application is approved and we have received your Initial Option Deposit confirming your commitment to the purchase, we then we give you an itemized list of what you need to have with you when you sign the lease contract on your new home.

What do I do when my lease term is up?

At this point you have a number of options. Most people obtain a traditional mortgage and have the property legally transferred into their name.

If this is not possible, then we will work with you to make other arrangements that may lead to you ultimately owning your own home.

How do I qualify for conventional financing?

Basically, you must meet the lending institutions’ qualifications. These qualifications may vary from institution to institution. If you wish, our mortgage brokers will provide you with a plan of action that will assist you in achieving your dream of home ownership.

How quickly can I move into the property?

Once the Lease-to-Own contract has been signed and you have provided us with the required Lease Option Deposit, you can move into the property. Most often this is at the beginning of the month, but other dates are possible.

Is the purchase price negotiable?

Yes, we work out the final price before you sign the Lease-to-Own contract.

Who pays for the regular maintenance of the property?

You do. The proper maintenance of the property will directly impact on your ability to obtain a traditional mortgage. If the property has declined in value, you will likely be refused a mortgage.

When budgeting for Rent-to-Own expenses, you should include costs of periodic maintenance, just as you would do for a house that you legally owned.

Can I have pets?

Pets are a negotiated item based on a case by case review.

Do I have to live in the property?

Absolutely, you are “buying” your own home. It is the home that you will be living in and you cannot sublet it and live elsewhere.

Who pays for the property taxes, insurance and/or condo fees?

All our payment plans are all inclusive; structural (building) insurance, property taxes and condo fees (if applicable) are included in your Lease-to-Own payments. This service is provided to ensure that all payments are made in a timely manner.

Can I sell the property?

No. Until you are the legally registered owner of the property, you cannot sell or sublet the property.

What happens if I am unable to make my monthly payments?

As with any lending institution, we require that you honor all obligations under the terms and conditions of your Lease-to-Own contract. You must pay the correct amount on time. If you fail to do so, you will be considered to be in default under the terms and conditions of the contract.

If this happens, you may lose all equitable interest in the property, including but not limited to: your initial and additional Lease Option Deposits; monthly credits et.al.

We will also be entitled to recover any and all legal costs that we may incur.

We know that this sounds serious, but we are serious about you becoming the legal owner of your own home.

We would like to ensure that you are fully aware and clearly understand both our and your rights and obligations under the terms and conditions of the Lease-to-Own contract, before you sign it.

What happens if I choose to “walk away” from the agreement?

If at any time during the term of the agreement, you choose to “walk away” from you obligations, you will lose any and all equitable interest in the property and will be responsible for any and all additional expenses that may be incurred on our behalf.

Is my initial deposit refundable if I change my mind?

No, Your initial Option Deposit is not refundable, if you change your mind. It is refundable, if we do not approve your application.

Will you purchase a home if I find one that I want?

We will only purchase a home in such circumstances, if you qualify for it and if we are able to negotiate a fair price for the home from the current owners.

Does it matter if I am self-employed or work on a commission basis?

Not al all. Many self-employed and commission-based people become home owners. Our qualification process is very flexible and takes into account that your income may not always be guaranteed.