“If a deal seems too good to be true, it probably is,” says the regulator’s registrar Joseph Richer. “As with any real estate transaction, it’s crucial for consumers to do their research before entering into a contract.” The warning comes on the heels of media reports this summer that homebuyers have lost money and even […]
The Real Estate Council of Ontario asking both homebuyers and investors to do their homework before leaping into a rent-to-own deal
What is a Rent Credit?
Rent Credit is a portion of the rent that is credited monthly and used as a downpayment when you decide to purchase. When you are in a Rent to Own agreement, credits are only calculated on rents received on or before the due date. If the rent is received after the due date, tenants do […]
What is an Option Consideration?
An option consideration is a percentage of the purchase price of the home, usually between 10%. It is a non-refundable payment but, is 100% credited toward the purchase price of the home. This option consideration is used to bind the Rent to Own option contract. You will have to come up with the option consideration […]
What happens if I don’t pay rent on time?
It is very important to ensure that rent is always paid on or before the first of every month. As with any other tenancy, if rent is not received by the due date tenants are at risk for eviction. With a Rent to Own not only do you risk eviction proceedings, but you could also […]
Who pays for repairs?
When a tenant enters into a Rent to Own agreement they are moving into their new homes as future home owners. As future home owners they are expected to maintaine the home as it were their own (after all in a few short years it will be!). Maintenance and repair responsibilities of the tenant buyer […]