1.               WHAT IS RENT CREDIT?

 A certain pre-established portion of your monthly rent is applied to your down payment.  For example:  If your home is purchased by us for $300,000 and the down payment you have saved is only 3%, this would equal $9,000.  The plan would be to add to the down payment monthly.  The goal would be to add another $12,000 to your down payment in the form of monthly rent credits.  (The more money you have saved for a down payment at the beginning, the better and easier to transfer title to your name).  So every month a set portion of your rent is set aside as credits to increase your down payment.

2.               HOW MUCH DOWN PAYMENT DO I NEED?

 Minimum amount you must have saved is 3%.  However at least 5% would be more desirable.  We add your credits to your down payment so that after 3 years your total down payment has grown to somewhere between 7% and 10%.

3.               HOW DO I FIND A HOUSE TO PURCHASE?

 We connect you with a realtor who will work with you and ourselves to locate your home.

4.               WHAT HAPPENS IF I CHANGE MY MIND OR AM UNABLE TO COMPLETE THE PROCESS?

 All money collected for your down payment, including credits will be returned to you under the following conditions:

a.                This will occur when the house is sold to another party.

b.               Providing the house has no damage and is clean.  (Same condition as when you moved in)

c.                All rent has been paid and your move-out is expedient and amiable.

d.               All expenses such as real estate fees, GST, Damage, unpaid rent, yard maintenance, will be deducted from credits.

5.               WHO PAYS THE GENERAL EXPENSES OF THE HOUSE DURING THE 3 YEARS?

 Rent to Own PG will pay all legal fees and transfer fees upon purchase of the home.  We also pay all sewer, water, garbage charges.  Plus we pay all property taxes and insurance during the 3 years.

            While small repairs to the house are your responsibility, we share the larger expenses such as new hot water tank and new furnace, and a new roof.

            The initial expense of purchase such as assessment of value, and house inspection are paid by Rent To own PG.  The house inspection will determine what work needs to be done in the future.

6.               WHAT COSTS WILL I HAVE AFTER THE 3 YEARS ARE UP?

 You will need to save money towards legal costs to transfer title into your name.  The cost will range between $1,500 and $5,000 depending on whether or not this is your first home you have ever owned, and the time of year this transaction takes place.

7. WHAT PRICE WILL I PAY FOR THE HOUSE AFTER 3 YEARS?

The price will increase by about 10% over the three years. This is about 3.33% a year. The homes in PG increase in price a minimum of 5% yearly. So in 3 years we will be selling the home to you for less than market value. We also help to secure a mortgage broker at that time.