You Can Own It, We Can Help.

So what is a rent-to-own home?

A rent-to-own is where you rent a home, but you also control the property by having the option to purchase it at the end of a set term (usually three years). The owner can not market the home for sale, since he/she is bound by their agreement to sell the home to you at a pre-determined price that you agree on before you move in.

There are two parts to the rent-to-own agreement: the first is a standard lease that spells out the monthly rent, and other standard lease terms. The second part is an option-to-purchase agreement. This is a one way agreement that binds the Seller to sell the property to you at an agreed upon price at the completion of the program term. The Seller has to sell to you at the end of the term but you don’t have to buy if you don’t want to. That is why it is a one way agreement.

“When we were declined for a mortgage, we started researching other options and came across rent to own.  Thanks to Clover Properties for taking a chance on my family just when we thought no one would.  Tired of renting, we chose  rent-to-own and are very happy we did.  They offer support and advice on repairing our credit so we can get approved at the end of the program and  purchase our dream home. If you think you have no other options but to rent, think again!  Thanks Clover Properties for making our dreams a reality.”   Tom & Stacey - Oshawa, ON

The rent-to-own program has a fixed period after which it expires. The term is typically two to three years and is negotiated between you and the owner. During this time period, we will work with you to improve your credit score. To secure the rent-to-own option, a deposit is necessary. This is known as the “option consideration”. This consideration is compensation to the owner for taking the property off the market and to guarantee a future price to you. The rent-to-own option consideration will be applied as a reduction to the purchase price at the time you decide to buy.

If you decide not to purchase the property, the rent-to-own option consideration is not refunded. It is kept as compensation by the owner for guaranteeing the price to you for a fixed period of time. Your intent should therefore always be to buy the home once you enter into a rent-to-own agreement. The option consideration is typically 3% to 5% of the agreed upon purchase price and is negotiated up front.

Interested in finding out if you qualify?  Please complete our online application.  We will review and get back to you within 24 hours.