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How Rent to Own Homes Work

a great way for those who have bad credit

to buy a home

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How Does it Work?

• renting to own involves a somewhat different agreement than an ordinary lease

• after a likely buyer has reviewed the rent to own listings and discovered a wanted property

• the buyer contacts the seller to discuss pricing and further terms.

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The agreement will stipulate a rental time and at the end of the stated time, the person renting can decide to buy the home.

The eventual sale price and the monthly rent is set at an agreed upon amount.

When the renter enters into this contract, a no-refundable option fee is usually paid

If the renter chooses to buy at the end of the rental period, this fee acts as a down payment.

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Advantages of Renting to Own

Affordability A part of the monthly rent also goes toward that potential

down payment making the final purchase less expensive. The rental time allows the renter some extra time to improve their credit and save money.

Try Before You Buy The renter keeps the right to decide not to buy at the end of

the rental period. The renter will lose the money put toward the down payment and the option fee but they are not stuck buying an unwanted piece of property.

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Questions to Ask Before Signing any Contract

Are there any issues with the home?

Who takes care of repairs and any maintenance?

Can the renter make any improvements or changes while renting?

What are the penalties if late with the rent?

Do you feel the seller looks sincere and is capable of carrying out the agreement?

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Entering into a rent to own contract can be a wise

means to buying a house.Visit Our WebSite Visit Our WebSite

www.rent2owncanada.ca

(613) 751-2808 1655 Montreal Rd, Ottawa ON, K1J 6N6