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Frequently Asked Questions
How does our Lease-to-Own Program work? Our Lease to Own Program helps you purchase a home today without having to qualify for a typical bank loan. It's a bridge or "stepping stone" to help you own a home now and get your financing in the future.
We provide you with financing terms for a short lease-to-own period (usually 1-3 years) until you are able to arrange your financing in the future. To purchase, you agree to provide a down payment (deposit), a fixed monthly payment, and a fixed price at the end of the Agreement which we agree on beforehand. You are considered the owner the day you move in and have the right to renovate or improve your property just like other owners.
Do I Qualify? Many good people are in circumstances that won't let them qualify to purchase a home under traditional bank practises. Self employed, new to Calgary, started a new job, divorced or bruised credit? If you have some challenges that the banks won't understand, we can work with you and help you become a Home Owner. If you can afford a reasonable monthly payment and have a down payment, you will be pleasantly surprised how easy it is.
How Do I Choose a Home? You can choose a property that we currently have available, or you can wait and choose a property that may come available to us in future. But we suggest you not wait, as these opportunities sell quickly!
Like a normal buying process, we will provide you with details on the property (pictures, profile, etc.) and then arrange to do a visit & walk through the property with you.
How much of a Down Payment do I Need? A reasonable down payment will be required, depending on the value of the house you are buying, and your monthly payments. This amount is usually 5-10%. You can borrow funds from friends or relatives for your down payment.
Who does the regular upkeep and pays for maintenance and repairs of the property? You do. You are buying a home and are responsible for all regular upkeep, and paying for any maintenance or repairs.
Are Property Taxes and Insurance included in my monthly payment? Yes, the property taxes and building (structure) insurance are included in your monthly payment. The only additional costs to you are utilities and content insurance for your belongings.
What happens if I don't want to buy the house at the end of the Agreement? There are different options. If you need more time to arrange your financing we can work with you to extend the agreement (it is important you give us at least 3 months notice to give us time). Or if you choose not to complete the Agreement to purchase, you can walk away, however your down payment and monthly credits will be non-refundable.
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