How Does Rent to Own a Home Work?
• Apply for our Rethink Renting Program by Applying Now. If you would prefer to set up a call to start, please click here. If you meet the initial requirements, we will set up a face-to-face consultation to discuss your situation, answer your preliminary questions (we require employment verification ie: an employment letter to set up a consultation).
• As part of the approval process, we will require you to provide documentation about your income and credit situation. The required documents are an employment letter, T4, two current paystubs and a credit report. Once you are approved for our Rethink Renting Program, we will determine your house budget and how much time you will need to repair your credit which will determine the length of your program. Our team will provide you with support throughout the whole process to ensure that you are on track.
• With your budget in hand, we will set up with a licensed realtor to start looking at homes for rent to own in Ontario that fit your needs and budget. It is really important to find a house that you love. When you have found a house, we will run all the numbers for your review and approval. Once approved, we will get an investor from our network to purchase the house on your behalf.
• Once purchased, we still have to have the home inspection. This is your cost. At the same time, you will receive the two necessary agreements, one being the Lease and the other being the Option to Purchase. The Option Agreement outlines the details for your purchase back from the investor at the end of the Rethink Renting Program
• Now the home inspection has passed, the investor will firm up the offer and you will provide your down payment (deposit) to the investor. Now you begin packing.
• Once the house closes, you will receive the keys and can move in!