Frequently Asked Questions

A lease-option (aka lease-to-own or rent-to-own) home purchase involves a lease agreement and an option agreement to purchase a home within a specific period time and under certain conditions.

The lease is based on a 1 or 2-year term with renewable annual terms for up to 5 years. You can purchase the home at anytime during your lease without penalty. The price of the home is outlined in a scheduler, and it increases with each annual renewal and is pro-rated according to the month that you buy.

An initial option fee is required when you enter into a lease-option agreement and will be credited back to you at the time of purchase. A portion of your monthly payments will also be credited back to you at the time of purchase. The program works like a savings program that helps to increase your down payment while giving you time to improve your credit score. We will work with you and a mortgage broker to help meet the requirements for a mortgage.

    Included in your monthly payments are:
  • Building Insurance
  • Property Taxes
  • Strata Fees (if applicable)
  • Rent Payments
  • Lease Option Credits
    You only need to pay for:
  • Content Insurance
  • Utilities such as Hydro & Gas
  • Optional services such as Cable TV, Telephone, and Internet
The qualifying requirement is a standard tenant screening process between you and the property owner, and this may include a credit and background check. Essentially, if you have reliable income to support the monthly payments and are able to provide the required Initial Option Consideration, then you may be qualified. Your application may be reviewed by a licensed mortgage broker to help us determine the best payment scenario that will help you qualify for a mortgage.
Yes. Rent-to-Own is ideal for many new immigrants that need time to establish good credit and build a stable income history.
Yes, you can still qualify for rent-to-own even if you have poor credit. We can connect you with mortgage brokers and financial planners to help you meet your qualifying requirements for a mortgage and ensure your success in purchasing a home.
Establishing good credit takes time. The initial lease is based on 1-2 years, with renewable annual terms for up to 5 years. This gives you the benefit of time to put your financial house in order. We can align you financial planners to help you establish good credit.
The owner/landlord pays for strata fees, property taxes, and building insurance fees. You would be required to obtain renter's insurance and pay for all personal utilities such as hydro, gas, cable tv, telephone, internet etc.
Yes, you can purchase your property at any anytime during your lease term without penalty. In fact, your purchase price will be pro-rated according to the time you purchase the home. The sooner you purchase the home, the more money you'll save.
Yes. You have an ownership stake in the property, and you can make improvements as it can significantly increase the value of the property. Please note that you may still need to obtain approval from the owner/landlord in advance for any changes.
Since you will become the beneficiary owner, you are responsible for minor repairs, maintenance and improvements made on the property during your lease.
You are free to sub-lease to other tenants providing that the owner/landlord is notified and given the full contact information of the occupants. You will still be responsible for all terms and conditions as outlined in the lease agreement, including responsibility for any repairs and maintenance on the property.
We require that you honor all obligations as outlined in the terms and conditions of the lease agreement. If you fail to make payment, or fail to pay on time then you will be in breach of your contract and the owner/landlord may issue an eviction notice. If this happens, then you will invalidate your Option to purchase and the owner/landlord reserves the right to commence legal proceedings to recover and secure his/her interest in the property.