RENT TO OWN PROGRAMS for the OCCUPANT

It is common to hear that there are scams occurring for this program and that someone unfortunately has 
been severely burned losing ten’s of thousands of dollars. However there is both sides being very good 
to very bad. It remains on the shoulders of RTO Buyer or Occupant to determine the good or scam.
The single most important contribution to a good outcome is everything in writing predetermining 
the process, and the responsibilities, remedies, pricing, and so on. Often a contract is as good as the 
people signing as far as enforcing goes however it is worse case when there are loop holes or even at the 
extreme nothing in writing. 
 
Recently I came across a mortgage broker aligning investors to home owners in trouble. In this 
particular one the current home owner has a first mortgage and a second mortgage both in default to 
power of sale. The home has been for sale for over 30 days and not sold which is a strong indication it 
is overpriced. The proposal was to have an investor purchase the home (which is overpriced) having the 
first and second mortgages paid off and the remaining equity of $38,000 paid to the investor. The now 
to become an RTO buyer earns $85,000 annually which qualifies for $2,125/month PIT payment based 
on the government’s regulation of using 30% of annual for rent or mortgage payment. This RTO was 
going to require the RTO buyer to pay $3,118/month which is equal to 44% which is excessively over 
the recognized limit therefore this agreement is doomed to fail with this RTO buyer losing the $38,000 
and the investor stuck with a home that is overpriced to start with and in an as is inground pool and other 
defects that need to be addressed. This is an example of a very bad RTO which will harm the investor 
and the RTO buyer. Yes, a true scam under a fog of it is a great deal for everyone. Truly a lose-lose 
situation and why the Rent to Own programs get a bad name but not deserved for the good ones.
What is a good RTO buyer program? One that benefits both parties and that will complete within the 
time deadline set in writing within the Option to Purchase agreement at a predetermined purchase price 
for example in two or three years.
 
The qualifying for the future purchase price should be done today so that the 30% of gross income for 
future mortgage payment guideline is met as well as a maximum of 40% of gross income for all major 
debt payments including vehicle loans, lines of credit payments, student loan payments and so on. 
Responsible to these formulas is key to achieving a successful closing in the future.
 
Another area of concern is who is responsible for what? The investor should pay principal + interest + 
property taxes + building insurance. However that leaves daily maintenance, major repairs, renovations, 
decor changes and many other issues that come with home ownership. There should be definitive 
Occupancy agreement signed between RTO buyer and the investor. A proper agreement determines the 
RTO buyer termed as Occupant is responsible for all upkeep whether daily or major but the investor 
must be notified if a building permit is required as said application must be made through the investor 
who is the registered owner. A proper RTO program recognizes the Occupant as having the right to 
enjoy and improve the home as it is in determination their home.
 
A good RTO program builds in a savings plan, provides for credit recovery, has all funds accumulated 
at the deadline for closing so thbuat the RTO buyer has all the necessary funds in order to close. No 
surprises. Additionally the RTO buyer should be qualified to afford the rent portion + saving portion 
paid now to equal that the future PIT payment remains constant to this amount.
 
The proper RTO program allows the RTO provides the structure so that the location + closing date + 
type of home + price and chattel negotiations are done by the RTO buyer as it will be their home and 
then approved by the investor who will hold title to the home until it closes under the Option to Purchase 
agreement.
 
Rent to own Programs are not regulated nor standardized that is why there is such a wide T nce of 
approaches as well as everything frrom formally legal & binding to outright fraudulent. The best 
programs should be fair to both the RTO Buyer and the RTO Investor. Caution is a good definition of 
how to start but keep in mind that the good programs will have a track record, proper documents, and 
references if requested. 
 
More to come next week. Stay tuned for more updates, and more examples. 
 
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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