Rent to own home is a unique concept of making use of a property of your desire. It is the concept of leasing that binds rent to own homes. Rent to own home may seem very much like mortgage agreements, but they are different in principals from mortgage agreements. Rent to own home Toronto is the most suitable to people who are in need of a house with little finances compared to the purchase price of the property. In a rent to own home Toronto setting, you only have to pay a little percentage of the total cash price of the property you are about to lease. It is the down payment and is generally around 20% of the total cash price.
How A Rent To Own Home Toronto Deal Works
You sign an agreement with the owner of the property who is also called the Lessor. The agreement includes all the terms and conditions such as the term of the lease, the down payment, the periodical payment and the terms of non-payment or default of payment by the lessee. The lessee is the person who is opting for the rent to own home property. You can move into the property right after the agreement is signed between you and the lessor. The ownership of the house passes to you only at the payment of the last instalment, unlike in a mortgage.
The unique feature of the rent to own home Toronto contract is that you have the option of opting out of the deal. It means you can reside at the property for a tenure you wish to and can decide if you really want to purchase the house because there are many chances where you may first want to know if the property is suitable for you in various criteria.
A rent to own home Toronto offers you many benefits than other forms of purchasing properties. It involves less initial investment from your side. You are allowed to move into the house as soon as you enter into the deal. It has much lesser formalities than a mortgage transaction. It is a win-win for both the lessor and the lessee. Most importantly you are free from the market price fluctuations of the property as the cash price of the property is set in the initial terms of the rent to own home deal.