Our unique Rent-to-Own Program, also known as Lease-Option Program, allows you to purchase a home today without having to meet the typical qualifications required by conventional lending institutions! Our program is specifically designed to assist Canadians experiencing difficulty in obtaining conventional financing.

With our program, you are considered the owner the day you move in; there are no more landlords telling you what you can and cannot do. You have the right to renovate and improve your property just as any other owner.

Who benefits from Rent-to-Own?

• If you have good to excellent credit, but do not have enough down-payment to buy a home via conventional bank financing. Rent-to-Own helps you build up your down payment monthly via monthly credits until you have enough to qualify.
• If you have ugly credits and need time to rebuild your credit. Rent-to-Own allows you time to bring your credit to good standing while living in a nice place you can call home.
• If you are new to Canada, an out-of-country worker/immigrant/visitor, who cannot qualify to get a loan due to lack of credits. Rent-to-Own allows you to have a home of your own while you build your credit status in Canada.

This is how our program works:

Have a Down Payment (or Option Deposit)?

This is the most common way people Rent to Own/Lease-Option their homes with Realty Express Inc. Our program is designed to help people obtain their own financing as quickly as possible and realize the ultimate dream of home ownership. This program is available for all Rent-to-Own properties in our Property Listings inventory.

The lease is based on a one-year term with the option to extend for a second year. In our experience, most Canadians typically are able to obtain their own financing after one or two years. Our program helps you build or repair your credit, which may be all you need in order to obtain conventional financing.

The purchase price is established at the beginning of the lease term and is guaranteed for one year. The guaranteed purchase price is based on the projected value of the home one year from the day you move in. If you require more time and wish to extend for a second year, the purchase price will be increased by 0.5% per month until you are ready to exercise your Option to Purchase. This allows you to personally benefit from equity appreciation over the 0.5% monthly increase. This lease extension will also provide you with additional time to accumulate a larger down payment.

Your initial Option Deposit (down payment) will be applied to the purchase price and will be viewed by conventional lending institutions as an acceptable down payment when you exercise your Option to Purchase.

Our monthly payments are truly all inclusive: property taxes, structural (building) insurance, condo fees (if applicable), lease payments and Lease Option Credits are all included. The Lease Option Credits are credited toward your down payment in addition to your initial down payment when you exercise your option to purchase the property. The Lease Option Credit amount varies depending on the property you select and will be available for the entire first year of your lease term.

In an extended effort to make the monthly lease payments even more affordable, we provide our clients with the option to reduce their monthly payments. For each additional $1,000 of down payment you supply above the minimum required, we will reduce the monthly lease payment by $15.00.

In comparison with conventional financing, this option provides you with approximately double the monthly payment reduction.

Please note: This option does not affect the monthly Lease Option Credits that we offer.

What Happens at the End of the Lease Term?

At the end of the Lease to Own term, we present our clients with a variety of options to help them achieve their ultimate dream of home ownership! Typically, we find most Canadians are in a position to obtain conventional financing at the end of their lease term.

There are several options to be considered:

You are able to obtain conventional financing without any additional assistance from Realty Express Inc.

For many of our clients this is a reality. With the help of some equity appreciation in the home—and with the added boost of the monthly Lease Option Credits provided by Realty Express Inc. —most of our clients obtain conventional financing immediately. They simply buy the house from us at the predetermined price. It really is that easy!

If you have made all Lease and Option payments on time and have taken all the necessary steps required to improve your financial situation, we will do everything possible to help you exercise your Option to purchase your home. We will align you with one of our certified mortgage brokers who can help you choose the right mortgage for your financial situation.

We also help by providing confirmation of your payment history. We will do everything in our power to help you and your family reach the ultimate goal of home ownership!

You are able to obtain financing but need just a little extra down payment assistance

Some clients find they are able to obtain financing on their own, but need a little assistance with the down payment. By taking advantage of our Down Payment Assistance Program, we are willing to provide you with the extra down payment required to help you reach your goal of home ownership! We offer this unique opportunity interest free for one full year.