Choose Your Home Rent to Own

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Choose Your HomeRent to Own

• GATA Legacy Investments

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Helping You

• Recognizing that everyone has the right to live
  in the home of their dreams and be in the
  neighbourhood they choose. YOU get to choose the
  home YOU want!  Thats right you can Rent To Own
  any home that is currently listed on the Multiple
  Listing Service (MLS)!
• We want to help you own a home. We want to work
  with and understand your circumstances. Even if
  you have gone through a bankruptcy, divorce, or
  loss of a job.

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Benefits to You

• You find the home of your dreams
• You will be guided through the home search
  process with the assistance of a team of real
  estate professionals
• You choose the home that fits your lifestyle
• It's like building equity while you rent!
• Your credit is acceptable to us, even if you have
  gone through a bankruptcy, divorce, or loss of a
  job. This program provides time required to
  improve and rebuild your credit.
• We are obligated to sell to you, however you are
  not obligated to buy

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Benefits

• Your purchase price is guaranteed, even though
  you will not be exercising your option to
  purchase the property for another year or two.
• You start to participate in equity appreciation
  right away.
• Your monthly payments and down payment are
  affordable.
• Easy Qualifying!
• We will always do our best to work with you. You
  are important to us.

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Tenant Checklist

• Credit that is repairable within 1 - 3 years
• Income to support a total debt ratio of 40
• A significant deposit (2-10 of purchase price)
• Previous renters references
• Job letters to support income
• NOAs for the past 2 years
• 2 T4s
• 2 recent paystubs
• 2 pieces of identification
• An understanding of why the client is in the
  credit situation
• Signed Intent To Lease
• Initial deposit (500 recommended)

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How The Program Works

• For our Rent to Own Program, a down payment is
  required.  The down payment can vary depending on
  your home selection. The down payment is credited
  to you as a deposit and will form part of your
  overall equity in the property.
• Your monthly payments are comprised of a Rent
  payment, as well as Monthly Option Credit payment
  (typically 20 of your rent payment). The Monthly
  Option Credits are saved over the lease term and
  are credited towards the purchase price. Works
  like a personalized savings program.

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Financials
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• How Much Down Payment Do I Need?
• It depends. We can offer you many options, and we
  will always do our best to work with whatever
  funds you have available. If you do not have all
  of the required down payment, we may be able to
  provide you with a graduated down-payment plan.

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• My credit isnt great, can I still qualify?
• It really depends on your circumstances. We are
  not like most financial institutions we want to
  help you become a homeowner. All we ask is that
  you are honest when you provide us with your
  financial information. We measure our success on
  whether we are eventually able to assist you in
  qualifying for a conventional mortgage.
• What if Im self employed?
• We have assisted a number of self-employed people
  to become home owners. Our qualification process
  is flexible and takes into consideration that
  your income may not always be guaranteed.
• What if I can't afford the monthly rent and
  option payments
• right now?
• Your monthly rental costs are roughly the same as
  you would pay on a new mortgage, including
  property taxes and insurance. If you are not in a
  position to pay this monthly amount, you
  can decide to purchase a home that has an in-law
  suite and use the rental income to offset your
  monthly payments. Here's how if, for example,
  your monthly rent and option payments are 1,700
  a month, and the basement in-law suite is rented
  for 600 a month, you are only responsible to pay
  the balance of 1,100 a month.

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• Who pays for the regular maintenance of the
  property?
• You are responsible for the upkeep of the
  property. You will be the direct benefactor from
  any improvements that you make - it will increase
  the value of your investment, so you are
  responsible for the property's maintenance.
  Please remember that all homes need regular
  ongoing maintenance, so you should budget
  accordingly when considering the monthly
  payments.
•  
• What happens if I am unable to make my monthly
  payment?
• We expect that you honour all obligations under
  the terms and conditions of our Rent To Own
  contract. You are responsible to pay
  the monthly amount on time. If you fail to do
  this, you will be considered to be in default
  under the terms and conditions of the Rent To Own
  contract. If you default, then we reserve the
  right to immediately start legal proceedings to
  recover and secure our interests in the property.
  If this happens, you may lose all equitable
  interest in the property,  including (but not
  limited to) Initial and Additional Option
  Deposits, and Monthly Option Credits. We will
  also be entitled to recover any and all legal
  costs that we may incur. We know this sounds
  serious.  We would like to make you fully aware
  of all rights and obligations (both yours and
  ours) under the terms and conditions of the
  contract.  Please be aware of everything involved
  in the contract before you sign. We highly
  recommend independent legal advice.
• Are Property Taxes and Insurance included in my
  monthlypayment?
• Yes. We pay the property taxes and the real
  property insurance. You are required to purchase
  a resident insurance policy to cover your
  possessions inside the home. You will be
  responsible for the utilities, and upkeep on your
  new home.

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• Can I really choose any home listed with MLS I
  want for the Buyers SelectionProgram?
• Yes! However, we both want to avoid areas
  where properties are not appreciating. We want
  you to be in a good neighbourhood with good
  schools and where property values steadily
  increase. We are a company that invests in you as
  much as we invest in the home itself. We have
  each home professionally inspected prior to
  closing and make sure that your home is in good
  condition and free of hidden problems in all
  major areas (roof, electrical, heating, cooling,
  and foundation). The cost of the home inspection
  is 350.00 (incl GST) and is your responsibility.
  
• Is the purchase price of the home negotiable?The
  option purchase price will be fixed over the term
  of the agreement. Regardless of how much the home
  appreciates in value over the term of the
  agreement, the purchase price will not change. 

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• What Happens If I Do Not Want To Buy The House At
  The End Of The Lease?
• You have many different options. 
• If you need more time - we may extend the lease.
• We can help you secure financing, perhaps even
  act as the lender for you.
• You can walk away and owe us no more money. 
  However, the money you have paid into the down
  payment is non-refundable. We want to deal with
  committed people and we will work as hard as you
  to help you buy this house.