Renting a home means giving money every month to a landlord on a non-refundable basis.
If you can afford rent, you should be able to commit to a lease with an option to purchase.
In Quebec, renting becomes an even greater financial loss because the real estate market is very dynamic. So the price of the house you've spotted can increase up to 12% per year.
Desire to acquire one's principal residence is relevant. However, when it comes to financing, you are likely to be considered a "foreign investor". Indeed, without Permanent Residence (PR) or Citizenship, you are present with a visa or authorization with a deadline. Concretely, you will be asked for a 35% down payment or personal contribution. Against 5 to 10% once your PR in your pocket.
Comment cela fonctionne ?
« Your tailor-made acquisition plan » : You could move into your home in less than 40 days.
You choose the duration of the contract, usually between 1–5 years (the time typically needed to obtain permanent residence).
Renting to own is a very simple process:
- You locate the house of your dreams.
- We purchase the house.
- You occupy it under mutually agreed-upon conditions.
- You buy back the house at the price and conditions seen from the 1st day.
On the same day of the acquisition, we sign the lease-purchase agreement together and have it signed by an attorney. It stipulates several points, including:
- Duration: 1–5 years
- The rights and duties of everyone during this period
- The cost of the monthly payment and what it includes. A portion is returned to you at the end of the contract. It is a form of forced savings to help you face the acquisition costs.
- Contribution / downpayment that you will have to pay for the signature at the notary's office. And the stipulation that this sum is converted into a "deposit" in your favour with the notary on the day of your redemption if all the conditions are met. This means that if you deposit $30,000 on day 1, you will find it deducted from the sale price on the day of your redemption.
- The repurchase price at the end of the contract is fixed on the 1st day. So no surprises.
- The consequences of failure to pay the monthly installments / abandonment of the buyback project / non-acceptance by the bank of your financing file.
Comment y avoir accès ?
To start the procedures, we walk you through a simple process.
We team up with real estate professionals such as, mortgage brokers/credit brokers, real estate brokers/agents, chartered appraisers, notaries, lawyers, investors. Moreover on the administrative side, we have a partnership with the Anges Immobiliers renowned for the quality of their services.
Contact us for more information or to start the first steps
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