FAQ

What is rent credit and how do I qualify?

Rent credit is a specific, pre-determined amount of your monthly payment that contributes as savings towards the down payment of a home. Qualifying for rent credit depends on your personal situation and can only be determined once a HomeSmart representative has thoroughly assessed your financial profile.

Why haven’t I heard of this before?

The rent to own concept is quite common in Ontario, the Maritimes and the western provinces and is actually very popular in the United States. In Quebec, it is an emerging concept and we consider ourselves to be at the forefront of the industry, leading the way in educating and informing Quebecers to the possibilities rent to own has to offer.

What if I decide not to buy at the end of the lease?

It is within your rights not to exercise the option to buy. However, an advanced notice of at least three months is required. The option down payment, however, is non-refundable.

Do I get my rent credit back?

All of your contributions over and above the rent price is considered rent credit and is 100% refundable if you chose not to exercise your option to purchase. However, any matching contribution plan proposed by HomeSmart is automatically forfeited and nullified.

Will HomeSmart guarantee my ability to secure a mortgage?

We do not guarantee in any way that you will be able to secure a mortgage at the end of your lease. However, a HomeSmart Mortgage Specialist will sit with you and propose a logical plan with attainable objectives for the purpose of improving your prospects at securing a mortgage. Obviously, if your consumer credit score dips because you are continuously late on your credit card payments, there is not much we can do for you. It is ultimately your responsibility to stay disciplined so as to improve your financial situation.

Who takes care of the minor maintenance of the home?

There is a minimum maintenance requirement stipulated in your lease agreement that we ask you to respect. You are renting the home as if you already owned it, so obviously we expect you to care for it accordingly.

How much down payment do I need?

A minimum down payment amount is required. Although considerably less than what traditional lenders require, the specific amount depends on the different opportunities available.

What if I have bad credit?

That’s ok. Although most financial institutions require good credit, time is on your side. There are ways to improve your credit and if we believe your financial situation can improve, we will do our best to help you.

I am self-employed, can I still qualify?

Anyone that can prove steady employment is acceptable in our program. That includes the self-employed.

What happens if I am unable to make my monthly payments?

When you enter into a rental agreement, you are obliged to make your rental payments on time. Obviously, it is in everyone’s interest that you respect the monthly rental payments and secure your investment. We are open to discuss any adjustments that can be made in order to avoid any eviction proceedings.

Are property taxes included in my monthly payments?

Your monthly rental payments include all property taxes. Only when you exercise your option to purchase will you be responsible for property taxes.