Buy choosing rent to own option, you are able to get into home ownership a lot easier than qualify through banks, or going through credit score or not having down payment. There is no standard contract, but there should always be two separate agreements one to lease and one option to purchase. So may be this program could work out for you, as long you do your homework.
Some questions you should be asking:
- How much of the monthly rent is going towards the down payment?
- Who is responsible for property taxes and maintenance?
- What is the end price of the house and how it is determined?
- Who pays for the appraisal ?
- Is there any initial down payment ?
Some benefits of rent-to own to both parties:
- As a buyer can evaluate the neighborhood and the property.
- As a buyer can move right in with no down payment .
- No credit or bad credit or new to Canada.
- Seller receives rental income to cover mortgage.
- Seller gets a good tenant
- Seller saves on real-estate agent commissions.
- Win, win for both parties.
Make sure you understand all the terms of the deal. Have a attorney look at the contract. Talk to a mortgage agent if you need mortgage before your lease expires. Good Luck with you new home .
There is a mortgage, that is right for YOU and I can find it. Helping you with your dream home one mortgage at a time.