You have the FIRST right of refusal !

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In this article we are going to dive in the Rent To Own contracts and give you more details on the program from the legal stand point.

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In our Rent To Own program, after you qualify for a certain purchase price value, you will be connected with our property experts in that market and look for the property of your choice. As long as you are happy with your home, we would be happy as well! After all, this will be your home, not ours…The only thing we, at Kam Real Estate Solutions Inc, want to make sure is that we are going to buy a correct investment property for you at the correct price, and we will do anything and everything to make sure this will happen by means of many years of experience that our team has in real estate.

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Before you move into your house, you will have two different contracts. One of them is the lease contract and the other one is the option contract. The lease contract is the regular lease contract that is currently being used all across Ontario for rental properties. As of April 30th, 2018, the standard lease is required for most private residential tenancies. When complete, the standard lease creates a contract between the landlord and tenant. It is also called a residential tenancy agreement. On the other hand, the option contract gives you the right but not the obligation to buy the property from us, when your Rent To Own term is over. Legally, as explicitly stated in this contract, you will be able to buy the property from us if you decide to exercise the option contract and nobody could stop you from doing that. Also, you would have the first right of refusal and could walk away from the property, if you decide not to purchase the house from us for any reason. It is called “Option” contract and gives the “Option” to buy the property or not to.

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As you figured by now, the Rent To Own program is not going to be done by a single person and it never could be. It requires a team of experts in real estate, mortgage financing, credit analysis, real estate law, market research and etc. to make sure you, as the client, will be successful in the program and be the proud home owner in the future.

 

Through our many years of experience as a team, we would make sure that you will be able to qualify for a mortgage and buy the property as your home at the end, or we will never accept you in the program to set you up for failure. 

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If you wish to Learn more about us, please click HERE.

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If you would like to know more about our Rent To Own program and how we could help you, please click HERE.