Rent to Own
Welcome To REMAX EXCELLENCE | RENTAL ADVISORS TEAM
The Top Choice for Edmonton property management
We are a full service residential property management company. We also manage rent to own properties in our property management services and solutions packages. We are an Edmonton based Property Management company that a plethora of secure residential property management solutions for landlords. Our goal is to provide landlords hassle free approach to renting their properties and also to sell their properties through a rent to own agreement. Rental Advisors are the Top resource in Property Managed Services in Edmonton.
Although every rent to own situation is slightly different, below are some general guidelines to how a typical rent to own situation works….
General guidelines for Rent to Own:
- The purchase price will be determined at the onset of the contract
- The purchaser will pay a base rent to cover the mortgage (approx $2000) plus an additional monthly payment known as rent premium (approx $800) which will go toward the accumulation of the down payment.
- The seller may charge an option fee in order to facilitate the transaction and to cover legal expenses
- The purchaser will additionally add to the down payment through “monthly payments.” The purchaser will be responsible for all monthly recurring charges, including utilities
- The purchaser will be responsible for all property taxes and any other expenses related to the dwelling
- The purchaser’s monthly (down payment) will be applied to the purchase price and will be viewed by conventional lending institutions as an acceptable down payment when the purchaser exercises the Option to Purchase.
- The purchaser pays rental property fee and an additional rent premium that is credited to the purchase price. If the purchase option is not exercised, the buyer loses both the option fee and the rent premium.