How to buy house on hire purchase?????
- Thread starter Ashy12
- Start date
Hi Ashy12 you can purchase a property even if you are a visitor to Canada the only difference is downpayment for visitors or foreign investor minimum downpayment is 35%.
If you have a work permit with a sin # 9 or 0 then it will depend on your credit history and income so you are looking between 5% to 20%.
If you have a work permit with a sin # 9 or 0 then it will depend on your credit history and income so you are looking between 5% to 20%.
odin2404
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It's called "Rent to Own"
You:
Pay a non-refundable deposit (for much lower than a down payment)
Pay rent for 24 months
After 24 months buy the property
Seller
I buy the place for you
Charge rent
Apply the deposit to the final price at the end of the lease
Apply a mutually agreed part of the rent to the purchase price.
Your risk:
Nothing
Is at the end of 24 months you cannot buy - you lose the rent and deposit.
Seller Risk:
I might get stuck with a property I don't want, I could sell it later.
How does the seller benefit:
The spread on the rent
How you benefit:
Less deposit. Eg: on a 300000 property a bank may ask you 20% which is 60000, seller can work around 18000.
Part of money towards rent goes to purchase. Eg: If you pay 800 pm, seller could put 400 for rent and 400 to your purchase price so you don't throw away all 800 in rent.
Helps to build credit.
Hope that helps. Let me know if you have more questions
You:
Pay a non-refundable deposit (for much lower than a down payment)
Pay rent for 24 months
After 24 months buy the property
Seller
I buy the place for you
Charge rent
Apply the deposit to the final price at the end of the lease
Apply a mutually agreed part of the rent to the purchase price.
Your risk:
Nothing
Is at the end of 24 months you cannot buy - you lose the rent and deposit.
Seller Risk:
I might get stuck with a property I don't want, I could sell it later.
How does the seller benefit:
The spread on the rent
How you benefit:
Less deposit. Eg: on a 300000 property a bank may ask you 20% which is 60000, seller can work around 18000.
Part of money towards rent goes to purchase. Eg: If you pay 800 pm, seller could put 400 for rent and 400 to your purchase price so you don't throw away all 800 in rent.
Helps to build credit.
Hope that helps. Let me know if you have more questions
Hi Ashy12 in 12 years as realtor never heard of anyone buying a property with a rent to own program I heard of people losing their money with this program.
Before you sign anything ask for details like what happens if I can't pay my rent for a month.how much becomes downpayment,how long is the contract,can I do an inspection,who will pay for anything happening to the property,what if I deside to move before the end of the term.
The list goes on if you are in the gta please contact me alrivas. com
Before you sign anything ask for details like what happens if I can't pay my rent for a month.how much becomes downpayment,how long is the contract,can I do an inspection,who will pay for anything happening to the property,what if I deside to move before the end of the term.
The list goes on if you are in the gta please contact me alrivas. com
odin2404
Hero Member
- Jan 27, 2011
- 617
- 27
- Category........
- Visa Office......
- New Delhi
- NOC Code......
- 0631
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- 21-09-2010
- Doc's Request.
- sent with application
- Nomination.....
- NA
- AOR Received.
- 27-01-2011
- IELTS Request
- sent with application
- File Transfer...
- 23rd Feb 2011
- Med's Request
- 03rd March 2011
- Med's Done....
- 30th March 2011
- Interview........
- Waived
- Passport Req..
- 03rd March 2011 PPR/RPRF sent: 13th April 2011 RPRF encashed: 29th April 2011
- VISA ISSUED...
- 05th May 2011
- LANDED..........
- 19th July 2011
Yes, please ask the 12 year relator "what happens when you cannot pay the rent" on any property? Ignorance of something is not valid reason for running it down. I bought my house with Rent to Own, why don't we get an example of "people losing money"?
And if you're in the GTA, google a realtor!
And if you're in the GTA, google a realtor!