Tired of paying someone else’s mortgage?

We know life sometimes delivers challenges that can be hard to rebound from on your own. It could be a divorce, bankruptcy, consumer proposal, loss of job, work place injury, new to the country, self-employed or some credit related challenges that have you behind the proverbial “eight ball”? 

Rent-to-own is an agreement that you will enter into with either your landlord or a rent-to-own company. You will be renting a home from your landlord or your rent-to-own company, with a portion of your rent going towards an eventual down payment on the purchase of the home. This is known as a “rent credit”. You will have the right to purchase the property either during your lease or once your lease expires, however you are not forced to purchase. This can range from one year to five years. Should you choose not to purchase the home, you will lose the rent credit that you have built up.

A rent-to-own agreement bounds your landlord to selling the home to you. Your landlord cannot sell the home to anyone else during the option period of your agreement. The option period is the time during which you have the option to purchase the home.