Am i able to become a buyer tenant if i do not live close to Barrie or midland?
Yes. Jordan Realty Services has an Ontario wide network of trusted partners in all areas of real estate and financial services. During the Buyer Tenant application process, our team will coordinate the best possible support network for the candidate so that they are working with local experts. We encourage anyone living in the province to apply.
Can a single person become a buyer tenant?
Absolutely. Becoming a Buyer Tenant is an ideal solution to fast track someone with a single income to home ownership.
What will happen in the event of death or a divorce?
We get it. Life happens. That is why in the event of an unforeseen circumstance, like death or divorce, we will work with you to determine whether or not it is feasible for the contract to move forward. Should you choose to, it is possible to walk away from the agreement, but you will lose your initial deposit and any funds accumulated through the automatic monthly savings program. In some circumstances, we are willing to transfer the agreement to a new party should they qualify to participate in the program.
Can i purchase the home before the agreement period is over?
Of course. We include early purchase options in every contract.
who pays the property taxes during the agreement period?
During the rental period, the investors will pay taxes associated with the property.
am i able to sublet a room during the agreement period?
Yes, you are permitted to take in tenants during the lease period as long as it is done legally. If zoning permits, you are able to create a duplex.
How much of the monthly rent payment goes towards the down payment?
This number varies for every Buyer Tenant. The amount is calculated on an individual basis based on what you can afford and what the current market rent would be on a similar property.
how long is the agreement period?
The length of the agreement varies based on the individual Buyer Tenant’s circumstances and how long they need to be in a position to purchase the home and become a great candidate for mortgage approval. In our experience, a typical Buyer Tenant agreement is between 2 and 3 years long.
during the agreement period, who is responsible for maintenance and repair work and costs?
We consider Buyer Tenants to be the home owner from the day they move into the property. During the agreement period, Buyer Tenants are responsible for any maintenance and repairs required, as well as normal home upkeep. Buyer Tenants are free to make changes to the home during the agreement period, including painting, renovations and landscaping. Any improvements made to increase the value of the home will not impact the final purchase. Any and all home equity created is the Buyer Tenant’s.
how much is the initial financial deposit?
The initial deposit is a minimum of $10,000, which will be put towards the purchase of the property at the end of the Buyer Tenant agreement term.
what if i am already working with my own real estate agent?
While purchasing a home is the end result of the Buyer Tenant program, and finding that home is part of the process, it is also a partnership intended to improve your financial health and knowledge through coaching. It is a long term commitment on both sides and our aim is to have our trusted financial and real estate professionals support you for the entire time. If you are committed to working with a specific agent, our team will need to meet with them in order to assess whether or not they are able to participate at the level we require. In some circumstances, wanting to work with your own Agent may impact your ability to become a Buyer Tenant.
what if i still do not qualify for a mortgage at the end of the agreement period?
Depending on the reason that the mortgage was declined, we have a way to help. The Buyer Tenant agreement can be extended, or other solutions may be available based on the individual circumstances.
Do I have to purchase the home at the end of the initial agreement period?
At the end of the agreement period, if you no longer want to purchase the home, you are free to walk away. By doing so, you will forfeit your initial deposit and any funds accrued through the automatic monthly savings program. If you are not financially able to purchase the home at the end of the agreement period or you are not approved for a mortgage, the agreement terms can be extended. All deposits and savings will remain intact and carry forward to the next contract.
required documentation
NOA: A notice of assessment (NOA) is an annual statement sent by the Canadian Revenue Agency (CRA) to taxpayers detailing the amount of income tax they owe. It includes details like the amount of the tax refund, tax credit and income tax already paid.
T1 General: The T1 General (entitled Income Tax Benefit and Benefit Return) is the form filled out and submitted to the Canadian Revenue agency on an annual basis to file the personal income tax return.
Income Verification: A letter from your current employer(s) confirming your position, active employment and annual income.
Proof of Downpayment / Deposit: A current bank statement displaying that you have the ability to provide a deposit or downpayment when required.
Bankruptcy Discharge: Once you have completed all of the requirements, your bankruptcy trustee will ask the Court to discharge you from your bankruptcy. When you are discharged, you are released from your obligations and the bankruptcy process is complete. We require proof of this discharge to become a Buyer Tenant.
Do Buyer Tenants have direct contact with the investors?
In some cases, the Buyer Tenants may meet 1 or more of the Investors at the home inspection, but otherwise, the Buyer Tenant will not meet or have any direct contact with the investors involved. Buyer Tenants will have ongoing contact with their financial coaches and real estate Agent.