• Rent To Own strategies offered by a professional, licensed, bonded and insured REALTOR ®.
  • Full MLS exposure included for all Rent To Own property sellers.
  • My brokerage is Sage Executive Group Real Estate the Okanagan's BIGGEST independent brokerage.

Sellers Common Questions

Q. Who stays on the property title?

A. Until the property is actually sold, the seller remains on the title.

Q. Who pays for repairs and maintenance?

A. We require all our tenant/buyers to obtain a home inspection prior to moving forward on a rent to own option on your property. This ensures they are aware of all necessary repairs and maintenance required on the home. All repairs are up to the buyer/tenant as one of the conditions of renting to own the property. As with any property sale, you the Seller would disclose problems with the property with a "property disclosure" agreement and warrant the appliances are in working condition so that all parties involved in the transaction are protected.

Q. Will the Lease-Option prevent me from obtaining another mortgage or other financing?

A. Not usually - income from the lease is shown on a mortgage application along with your other income sources. This income should adequately offset the mortgage payment still associated with the property. Additionally the initial deposit from the tenant/buyer can also be used as part of your deposit on your new home. When you share your mortgage information with the mortgage broker they can advise you precisely on what can and cannot be achieved prior to you entering into any agreement.

Q. What if the tenant/buyer can't qualify in time?

A. "Based on our mortgage brokering evaluation the tenant/buyer has the ability to qualify if they follow the advice of the mortgage broker. That being said, at the end of the term, you and the tenant/buyer could agree to extend the option and lease for another term, or if you can't come to an agreement, they are obligated to vacate the property, you keep all deposits, and you remarket it at current (likely higher) home value."

Q. What if there is a problem with the tenant/buyer?

A. The landlord has the full benefit of the Residential Tenancies Act, including the right to evict for any breach of the lease agreement. By keeping the option agreement and the lease as separate documents, the tenant/buyer cannot claim any beneficial interest in the property until he/she buys it. You will already have a lawyer familiar with your agreements in the in the event there is a problem, so it is an easy call.

Q. Who does the Seller contract with?

A. Your lease, purchase contract, and lease to own agreement will be directly with the tenant/buyer. All agreements/contracts are executed by the REALTOR® with timelines in place to ensure you and the tenant/buyer have the necessary time for legal advice on the agreements from a lawyer.

Q. What kind of insurance will I need?

A. You will need to maintain insurance on the property itself, but not the occupant's contents.

Q. What if my mortgage requires renewal during the lease term?

A.We can put you in contact with a licensed mortgage broker that can assist, they would be happy to handle all the details for you and help structure a new renewal term that best suits your particular situation.

Q. Why should I pay the REALTOR® before my house actually sells?

A. As your REALTOR® we expect to get paid for providing a valuable service that solves a problem for you today. We do this by presenting an offer that is acceptable to you, even if that is a lease-option offer instead of a 'regular' offer to purchase. It is important to note that the commission is paid out of the non-refundable option payment from the tenant/buyer, with any shortfall due on sale, there is no requirement for you to write a cheque and no further payment owing when the purchase concludes. If need be we will take partial payment on the rental possession date and the balance on the date of purchase.

"If you have any further questions please feel free to call or email."

Corey O'Neil, REALTOR®

& Rent To Own Advisor

Cell 1-250-575-4855

Corey@RentToOwnKelowna.com