Home Rent to Own | Power of Sale/Foreclosure | Credit Management The Best Win-Win Options To Have A Home In Canada | Page 3

Looking To Buy Your Forever
Home? This Might Be For You
• ‘Rent to own’ concept is as simple as 1-2-3: you rent the
desired property and legally become a tenant and at the end
of your tenancy you own the place – assuming you have paid
the predetermined sale price by the end of the agreed date.
Another option includes finding a third party which can buy
the place you want and then rent it to you for a fixed period
of time, during which you pay rent and an additional agreed
percentage which goes towards the down payment of the
property.
• Let’s say for example, the current market rent for your desired
house is $1500. After establishing this, you and the owner
agree that the amount that will be paid each month is $2000,
the breakdown is as follows: $1500 will go towards the rent,
thus the owner and the extra $500 will be deducted from the
overall price of the house until the purchase price is paid in
full. It is mandatory that both this price and the terms are
decided and agreed upon during negotiations, prior to
moving in.