Rent-to-Own is 100% legal in Canada. However, not all programs are equal. Make sure you work with a reputable company that provides written agreements, promotes working with a lawyer to review agreements and is open to supporting you along the way—like Clover Properties.

Some programs may offer an extension, but it’s not guaranteed. That’s why it’s important to follow the financial plan and work closely with your coach or mortgage advisor during the term to ensure you are repairing your credit, saving for a bigger down payment and closing costs.

You apply for a mortgage, use your saved-up credits as a down payment, and purchase the home. The title transfers to you, and you become the legal owner.

Yes, maintenance and repairs are your responsibility just as if you had a bank mortgage. Rent-to-Own is a path to ownership, so you’ll start taking on homeowner-like responsibilities from day one.

There are two parts: Lease Agreement: Protects you from being evicted if you are late on a payment and outlines that tenant's insurance is required. Option to Purchase: Locks in your future right to buy the home at a pre-determined price, outlines your monthly payment, payment schedule and the credits you would receive when you [...]