The upfront fee
How much is it, and do you get it back if you do not buy?
Rent to own in Fort Mac
Not ready for a mortgage yet? There may still be a way to own in Fort Mac.
If a lender told you "not yet," rent to own can be one way to keep working toward a home of your own. We talk first. If it looks like a fit, I connect you with Charlene Elliott, the rent to own partner I work with.
How a path to owning works
- We talk. A short call about your timeline, your income, your savings and where your credit is at. No cost, no pressure.
- I connect you. If it looks like a fit, I introduce you to Charlene Elliott, the rent to own partner I work with. If it does not fit, I tell you straight and we look at other options, like renting for now while you save.
- You rent with a plan. You live in a home under a written agreement that includes a way to buy it later. The price and dates are in writing.
- You get ready. While you rent, you build your savings and your credit. In some agreements, part of what you pay counts toward the purchase.
- You buy, if you choose to. When the time comes, you apply for a mortgage. If a lender approves you, you buy the home.
Every partner sets its own rules. You get the real terms in writing from the partner before you sign anything.
How I get paid: I don't get paid for the referral. If you buy a home through the program, I'd be your agent on the purchase and get paid the usual way, through the sale.
Before you sign anything
Your payments
Does any part of your rent count toward the home? How is it tracked?
The price
Is the buying price set now, or worked out later? When do you have to decide?
Repairs
Who fixes what while you live there, big things and small things?
If plans change
What happens if a payment is late, or you decide not to buy?
A lawyer
Have a lawyer read the agreement before you sign. In Alberta, a rental agreement should always be in writing.
Checklist based on the Alberta rent to own tenant guide (tenantrights.ca) and Starting a tenancy, Government of Alberta. If something goes wrong with a business, Service Alberta takes complaints.
See if rent to own fits you
A few quick questions. Will calls or texts you back to talk it through.
Thanks. Will calls or texts you back, usually within a day.
That did not send. Please call or text 780 804 1665 instead.
Rather talk now? Call or text 780 804 1665.
What this is, and what it is not
It is a conversation with a local REALTOR who knows Fort Mac homes, and an introduction to Charlene Elliott, the rent to own partner Will works with, if it fits.
It is not a mortgage approval, and nobody can promise you one. The partner and any lender make their own decisions.
Will Clarke, REALTOR, RE/MAX Connect. Will is not a mortgage lender.
Rent to own questions
What is rent to own?
You rent a home under a written agreement that also gives you a way to buy it later. The price, the dates and what happens to your payments are all set in that agreement. Every agreement is different, so read it with a lawyer before you sign.
Will I be approved?
Nobody can promise that, and Will does not. The partner looks at your situation and decides. When it is time to buy, you still need a mortgage, and the lender decides that.
Does part of my rent go toward the home?
In some agreements, part of what you pay is credited toward the purchase. In others, it is not. Ask for it in writing.
What if I decide not to buy?
That depends on the agreement. Some let you walk away and some do not. Ask what happens to any fee or credit you paid before you sign.
Does it cost anything to talk with Will?
No. A call or text with Will is free, and you do not have to go ahead with anything.