Buyer's Choice Program

How the Program Works:

We first pre-approve you for the program. You will need to complete a pre-approval application, as well as a standard mortgage application. We will determine how much we feel you can afford and come to an agreement with you on this before proceeding. Once we agree on a price range, we will go over all the numbers and proceed only when you agree and sign off on this. The next step in the process will be to set you up on automated listings, sending you only listings in the areas you wish to move and only listings within the criteria you have told us, number of bedrooms, baths, square footage, etc.  When you see a property that suits your needs, you inform us and we will arrange for you to see the property. When you find a property that you wish to own and have agreed to all the terms, we will upon recieving a certified cheque from you for the down payment, put in an Offer to Purchase on your behalf. Once an Offer to Purchase, is accepted this deposit becomes non-refundable, as we are now comitted to the purchase of the property regardless. If the Offer is not accepted, you certainly are entitled to your deposit being refunded in full without deduction. You must agree to whatever closing date is accepted in this Offer to purchase and base your lease and move-in date accordingly.

In Summary:

We let you pick your own home, then we aquire the property for you and rent it back to you on our Lease Rent To Own Program.

The only qualifications for this program are that you meet the following:

1. You have 3% minimum down payment
2. You can prove that you can afford the monthly rent payments

Option Agreement Terms:

Under this Buyer's Choice Program, the terms are calculated as follows: 

(they may vary slightly according to the property and location)

• Down Payment: minimum 3% of the purchase price
• Monthly Rent: purchase price x .0083
• Monthly Option Credits: 14% of the Monthly rent payment
• Option Purchase Price: .5% increase per month (based on purchase price) +3%

Example:

Assuming a purchase price of $ 235,000 and a lease term of three years, this is an example of calculations applying the above formulas:

Although this is a typical formula, the formula can vary slightly as each and every agreement is handled on an individual basis and for the most part is based on the following criteria:

• Individual Financial situation
• Price of the property
• Location of the property
• Length of the agreement (Term)
• Amount of initial down payment "Option Deposit"
• If there are any further "Option Deposits" set forth in the agreement