RENT TO OWN PROGRAMS

As has been discussed in previous articles the need for Rent to Own programs has been increasing
month by month since the first changes were implemented July 1, 2012 and the changes have been 
evolving ever since. 
 
There will always be a demand for real estate ownership in Canada, and in particular Ontario which 
is the focus location for most of the population, as we have the safest real estate market in the world 
combined with the best banking system in the world along with a stable working environment and 
economic consistency. Therefore as new policies challenge home ownership the demand for creativity 
will bring forth new solutions.
 
Solutions come from need. There were years of interest rates over 20% annual so a solution was to pay 
down the interest rate by front end load to make the payments affordable for the buyer. Or a time when 
down payments were scarce so vendor take back 2nd mortgages were common. Both of these solutions

are near to, or are now, extinct. As you can see in looking to retro thoughts that solutions come and
go according to the demand with some solutions sticking for the very long term. Rent to Own home 
purchasing is one of these long term programs. Some RTO programs historically date back over 30 
years. 
 
One of the common rent to own programs targets a particular home that the current home owner, or now
even builders, is designed to corral a buyer into doing rent to own for that particular property. The most 
common problems here are that the choices are limited, the buyers are forced to take available inventory, 
often the current home owner structures very strict limitations as to the rights of the RTO buyer, and that 
the single most important part of home ownership has been missed, which for the buyer, is control of 
their destiny.
 
The other major weaknesses in the common approach is lack of formal contract(s), failure to establish
in advance the future purchase price, proper deposit and/or savings credit given as well as not separating
monthly rent and savings. Additionally the legal transfer of title in the future is often the biggest single
reason that this arrangement fails. The only party that suffers consequences is the RTO buyer often in
peril of losing all of their deposit, any monthly savings and/or improvements done during the Occupancy
term. 
 
There are now condo developers turning to rent to own in order to sell the standing inventory, or even
new buildings, as the buyer and/or investor demand for new construction is quickly sliding with an
extreme over build throughout the GTA. Condo unit sales are up for 2014 but the average price down,
which has been dropping over the past three years due to excessive inventory vs demand. Often there
is zero down available and many other incentives given as a lure to purchase. The fault here is that the
buyer is contract to a unit that is almost guaranteed to be worth less in the future than the price paid 
today which will cause forfeiture of all savings and/or improvements along with total loss of monthly 
contributions because proper mortgage financing cannot be arranged to close the transaction when the 
target date arrives. This system in the current condo market is designed to fail for the RTO buyer. 
A strong program comes with clear contract terms, conditions, and rights. A good program fairly
protects both parties to the agreement(s) being the RTO investor and the RTO buyer. A proper RTO 
program provides equalized rights but must also define consequences in the event of default of failure to 
fulfill the contract.
 
Last week a reader wrote asking what is the best program and my comment back is one that closes with 
credit to money in by the RTO buyer and one that results in the investor achieving his/her investment
goal(s) with a predetermined closing date and price. This will be expanded next week. 
 
More will come with a clear indication of why only one known program delivers fairness, equality and 
an unforeseen benefit being true angel investing. 
 
If you have experiences that you wish to share, or questions to poise please contact the writer direct 
@ 416-843-8709 or email wayne@waynemuir.com

 

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