WHAT IS RENT TO OWN
Rent to Own is a Non-traditional way to purchase a home when a buyer lacks the resources to buy it or needs time to repair/establish credit. The client will get to choose a home bought by the investor. Once the client is in their new home they will pay rent and another portion of monthly payments will be put towards the Rent to Own home. At the end of the term there is an option to purchase at predetermined price.
WHO BENEFITS FROM RENT TO OWN
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Business owner or self employed
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Bruised credit history
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Bankruptcy/consumer proposal
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New to the country
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Not enough-payment for traditional lending
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First time home buyers
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Recently divorced
BENEFITS OF
RENT TO OWN
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Home Owner in Training
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No obligation to buy
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Immediate control and possession of the property
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Tenant benefits from any betterments or improvements to property – ONLY with approval from the owner
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Rent payments are fixed for the duration of the contract
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Future purchase price is definite and tenant benefits from additional appreciation
ELIGIBILITY
TO APPLY
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Annual household income is greater than $75,000
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Canadian resident
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Minimum $15,000 initial deposit
YOUR RESPONSIBILITY
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Make monthly payments on time
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Pay utility bills
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Keep the maintenance of your home
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Pay tenant insurance