Lease to Own Home Ownership Model (aka Rent to Own Condos) is a Grey Area PLUS Home Owner Soon explains why this model works for both buyer & seller

Lease to Own or Rent to Own Options are a Grey Area

According to Pieta W of the Georgia Straight: On October 6, the day the TSX tumbled 1,106.95 points, Jon Murray’s phone was ringing off the hook, as it has been for the past six months. The real-estate consultant specializes in helping people – whom the banks won’t touch due to poor credit, recent immigration, lack of income proof or other reasons – buy their own homes. The strategy is called “lease option”, otherwise known as “rent-to-own” or “lease-to-own” homes. The creative financing thrives in an economy when home sellers are having trouble selling and buyers face a risk averse mortgage industry. “All day, every day, I’m on the phone because so many people want to do it,” Murray told the Georgia Straight, noting that about 100 realtors in B.C. are negotiating these leases. “Just in the last six to nine months, the lease-option or rent-to-own/lease-to-own market is starting to get really hot because there’s lots of houses not moving. The privately contracted deal is pretty simple. The home buyers seeking the rent-to-own or lease-to-own lease option puts about five per cent of the price of the home to “secure it”. Then he or she moves in. Over a period of about two years, the home buyer pays an inflated “rent”, part of which goes toward equity in the house. At the end of that period, if everything goes well, the homebuyer gets a traditional mortgage from the bank. For example, at strategichousing.ca, which specializes in lease options or rent-to-own home purchase models, a seven bedroom home with two suites in Surrey real estate market can be leased fro $2,840 a month. Of that, $950 per month goes toward equity. The rest, $1,890, is considered rent. Although lease options are relatively new in Canada, San Francisco-based real estate agent John Reed has watched them for about 25 years. He wrote about them in his 1998 self published book, Single Family Lease Options, now in its fourth edition. Reed thinks they should be illegal. “It’s generally a scam down here,” he told the Straight on the phone from his home in Alamo, California. “in 90 to 95 per cnet of cases of lease to own or rent to own lease options, the lessee never exercises the option to buy. So they lose the front-end money, which was $5,000 to $25,000 and they lose the rent they paid… it’s a heavy duty outrage.” Reed notes that even though lease options are somewhat regulated across the U.S., with 45 states with statutes in place and two federal laws pending, most home buyers who get involved in lease options and rent to own models don’t have the wherewithal to fight for their rights when the deals sour. “They think they’re just tenants,” he said. “So when they get evicted for being a day late with their rent, the agent gets to keep $30,000. They are preying on unsophisticated newlywed couples.”

More about the Lease Options Home Buying Model

In Canada, lease options and rent-to-own homebuying models occupy a hazy legal zone. They’re not covered by the Real Estate Act, according to Anthony Cavanaugh, the communications officer with the Real Estate Council of B.C. In addition, lease options or lease-to-own contracts not covered by the Residential Tenancy Act, according to the Tenants Rights Action Coalition spokesperson Tom Durning. “If it sounds too good to be true, it probably is,” Durning told the Straight. “you should get a lawyer before you sign anything, and you’re crazy if you don’t With five per cent down and these low interest rates, why rent to own?” According to strategichousing.ca owner Andy Santoso, the reality in 2008 is that 40 per cent of Canadians don’t qualify for a traditional mortgage. That’s where lease options and rent-to-own home buying models can help. “Home ownership elevates your social and financial well-being,” he told the Georgia Straight, explaining whey that 40 per cent shouldn’t be content to just rent. Sam Ryan, owner of lease2ownbc.com told the Straight he researched lease options and rent-to-own contracts thoroughly before opening his business this May. Since the real estate market slumped, he noted, interest is booming in lease options in Canada. Given the Conservative government’s cancelling of the zero-down, 40 year mortgage, as secured by the Canada Mortgage and Housing Corporation, he said, “people are more concerned about being able to get into a property rather than the actual price of it, as long as their payments are affordable.” Murray, owner of Jowen Investments and Consulting Group (jowen.ca) admits that there can be problems with unethical lease option agents and rent-to-own contract models. Individuals should protect themselves, he suggested. But in a real estate market were the banks are cracking down on who can borrow, he said, lease options and lease to own are certainly the present reality, and they may be the future too.

Why Rent When You Can Own? Rent To Own Homes Across Canada

You can choose your dream home. Select any home available for sale… anywhere with Home Owner Soon. A special advertisement from the Canada Real Estate Magazine featuring Home Owner Soon. Do you: have credit challenges due to job loss, divorce or brankruptcy? Lack sufficient down payment for bank financing? Lack established credit history? Have difficulty qualifying because you are self employed or a small business owner? We can help make home ownership a reality for you through Home Owner Soon. Visit www.HomeOwnerSoon.com to find out how YOU can Rent to Own your own dream home! Call Home Owner Soon toll free at 1.866.702.4334.

Be a Home Owner… Very Soon through Rent to Own or Lease to Own Model

By Sharon A. More and more renters who dream of owning their own home, but face some financial obstacles, are turning to HomeOwnerSoon.com. Launched in 2006, the company features two rent-to-own programs that make it possible for those who’ve been rejected for a mortgage by the big banks to buy a home in a timely manner. “Many people have difficulties obtaining conventional bank financing,” says Guy Lew, the company’s credit manager. “We fill a need in the marketplace for those who want to own a home, ut can’t obtain financing from major financial institutions.” HomeOwnerSoon.com clientele include those who lack an established credit history, don’t have enough money for a down payment ot quality for traditional bank financing, are self-employed or small business owners, or possess credit challenges due to job loss, health issues, divorce or bankruptcy. Those who think they’ll be ready to purchase a home within two to three years can take part in one of two rent to own or lease to own programs offered by HomeOwnerSoon.com. The Rent to Own Program enables participants to choose a property from among the approximately half dozen listed on the company’s website. They make a small down payment that is credited to them as a deposit that will form part of their overall equity in the property that they are lease to own. They then begin making monthly payments, which include a rental payment and a Monthly Option Credit payment (typically about 20% of the rental payment), which is saved and credited towards the purchase price of their property.

Benefits of Rent to Own Models

Rent to Own participants enjoy the benefits of a guaranteed purchase price, even though they won’t purchase the property for a while; equity appreciation right away; and affordable monthly payments. Most popular, however is HomeOwnerSoon.com’s Buyer Selection Program, which works the same way as the Rent to Own Program, but allows clients to select almost any home they wish in Canada, whether it be available through MLS or private sale. “About 90% of the time, our clients gravitate towards our Buyer’s Selection Program,” says Alex, the company’s relationship manager. “The terms are exactly the same, except people have total freedom in choosing their own home. From what I’ve seen, this is a unique program in the marketplace.” The easy qualifying process means that as long as interested individuals can afford the monthly payments, they can sign up. Once they do, they receive valuable advice and coaching from HomeOwnerSoon.com credit experts on debt consolidation and credit repair and optimization – this helps them be better prepared when, at the end of the program, they approach banks for mortgage financing. “We go through their credit bureau report with them, and if their beacon score is too low, we offer tips on how they can improve it,” says Lew. Once clients are on the road to home ownership, he says, they can enjoy the tremendous benefits that accompany it.

“If you compare owning versus renting, home ownership always increases your overall net worth, helps you build equity, and customize your home according to your needs,” says Kluge. So far, hundreds of aspiring home owners have enrolled with HomeOwnerSoon.com, including many young families, and their feedback has been overwhelmingly positive. “people don’t believe how easy it is, that they can choose any home they wish, a detached house, condo or townhouse, new or resale, and that they can make their dreams of home ownership come true,” he says. “They are very grateful to us for helping them achieve that.”

New Surrey Apartments for Rent, Surrey Rental Condos (1 to 3 bedroom suites) including MainStreet Equity Corp, Maple Place, Evergreen Place, Gardens

Maple Place Apartments For Rent Surrey

Spectacular move-in allowances are now going on at the Surrey rental apartments at Maple Place community. The residential rental building at 10675 150th Street in Surrey real estate provides one bedrooms from $710/month and two bedrooms from $850/month. If you are looking for a larger Surrey apartment for rent, there are three bedrooms for rental lease at the Maple Place community from only $895/month. This is a family complex that is friendly to kids, seniors, couples and singles. With an excellent location that is close to shopping and schools, the Surrey Maple Place rental suites also provide residents with an outdoor pool and playground. Laundry facilities are on site as well. Included with your rental lease at the Maple Place Surrey suites for rent is heat, and h/w package. Cats and small dogs are welcome in this pet friendly rental apartment complex in Surrey. The resident manager is located at 604.585.1966.

Mainstreet Equity Corp Presents Surrey Apartment Rentals

The first rental units in Surrey are located at 14955 107A Avenue where these condos for rent in Surrey BC are close to everything, but nothing comes too close. With an indoor pool, in addition to a wide selection of one and two bedroom suites, these Surrey rental suites are closet o schools and within walking distance to Guilford Mall. Indoor cats are also welcome. With security and children’s playground, these rental lease units in Surrey go very quickly. Only $50 is required as a deposit for Seniors who are renting in these Surrey apartments. Call 778.835.9526 for more details. The next set of lease units in Guilford Surrey are located at 14921 104 Avenue and represent great value and excellent condition suites. Just renovated, these Surrey rental apartments include one, two and three bedroom layouts with hardwood flooring and some ground level units have backyards. All three bedroom rental Surrey suites have 1.5 baths and it is security patrolled. Next to Guilford Mall, these Surrey rental apartments can be reached at 778.327.8792. Another Mainstreet Equity Corp Surrey apartment for rent is at 9450 128 Street and it is showing seven days a week if you are interested in looking to lease a Surrey home. Just renovated, these one to three bedroom rental apartments will have hardwood flooring, fireplaces and management/security on site. Cats are welcome and you can reach them at 778.835.9487. Large renovated Surrey rental suites are available at 9555 128 Street with modern units for rent with dishwashers, family complex with playground and outdoor pool. Close to schools and shopping, the Surrey hospital, these Mainstreet Equity Corp rental Surrey apartments are viewable seven days a week and are security patrolled. The last residential Surrey rental building by this property management team is the 34 – 10320 127A Street condos for rent that include a perfectly located offering of 2 and 3 bedroom suites. Beautiful hardwood floors and some units with dishwashers are some key differentiating items for these new Surrey rentals. This is a family complex that is close to transit and schools and for more lease Surrey information, please call 778.835.9628 or just visit www.mainst.biz.

Other Surrey Rentals

This Mainstreet Equity Corp Surrey rental apartment building at Hillside Place is located at 12751 – 103 Ave. The one bedroom condos for rent are five hundred and eighty five sq ft and rental rates range from $725 to $750 per month. In addition, the Surrey Hillside Place apartments for rent include two bedroom suites that are approximately seven hundred and eighty sq ft and range between $875 and $900 per month. The three bedroom family style condominium residences for rent at Hillside Place Mainstreet Equity Corp presents are $1000/month and the layouts are just under 900 square feet. The new Surrey rental apartments feature everything from parking to water and heat being included with your rent, fridge and stove and blinds for privacy. In addition, the Hillside Place Surrey apartment condos for lease have on site laundry including washer and dryer and some suites have newly renovated balconies for great outdoor living spaces. The Hillside Place Surrey apartments for rent are close to Royal Kwantlen Park, Central City Surrey Shopping Centre, Surrey Memorial Hospital and the Pattulo Bridge. Also, renters at Hillside Place in Surrey will enjoy close access to major bus transportation routes and of course the SkyTrain. Seniors incentives for renting at Surrey Hillside Place is a low deposit of only $50 and pets are allowed in this residential lease building too! Mainstreet Equity Corp also presents Ashley Court rental condos in Surrey rent market which includes the same incentives, and the interior finishings include blinds, fridges and stoves in addition to heat and water being included with the lease rent. Parking is extra and the Ashley Court apartment rentals are close to Guildford Town Centre, the Hawthorne Rotary Park, Holly Park, Hjorth Road Park and has great convenient access to Hwy 1 and bus transportation. Like the Hillside Place rental suites, the Ashley Court Guilford rentals have onsite laundry facilities. One bedroom suites for rent are $750/month and 662 sq ft while two bedroom homes are $900 to $925 and 928 sq feet in size. The larger family sized three bedroom rental apartments at Ashley Court Surrey are over 1100 square feet and only $1,000/month. Mainstreet Equity Corp also presents the Surrey Imperial Parkside condo rentals and apartments for lease that include on site laundry, renovated balconies and beautifully and professionally landscaped common areas with outdoor pool and playground for children. These family friendly rental Surrey apartments at Imperial Parkside are close to the Alex Fraser Bridge, Pattulo Brige, Central City Shopping and the Surrey Memorial Hospital. Skytrain and parks are also within walking distance for renters here. Imperial Parkside Surrey rent apartments feature 1 bed (665 sqft) to 3 bed (1112 sqft) and from $750 to $1000/month for rental pricing. All two and three bed rental suites have dishwashers. Pacific Park Surrey Apartments for rent by Mainstreet Equity Corp is located at 9450 – 128 st in the Cedar Hills district neighbourhod close to Alex Fraser, Pattula, Central City Shopping and the Surrey Memorial Hospital. Most of the rental suites have fireplaces and there are laundry room available. The Pacific Park Apartments for rent in Surrey rental market also have landscaped grounds with playground and pool in addition to a wide selection of floorplans to choose from bachelors to three bedroom suites. Last but not least, Mainstreet Equity presents the Regent Place apartments Surrey for rent that are in the Guildford district and just minutes to Port Mann Bridge and Hwy 1. Parks, Guildford Town Centre, bus routes and highways are just around the corner. There is also an indoor pool at the Regent Place Surrey apartment rental homes and the suites include one and 2 bedroom from $750 to $900/month. There are also larger three bedroom Surrey rental apartments at Regent Place lease options at $1000.

Suncreek Estates Surrey Rentals

Large two and three bedroom rental apartments in Surrey are now offered at the Suncreek Estates residential community that provides great leases to renters. With five appliances, unique wood burning fireplaces, private root top patio and on site security, these Surrey rental apartment suites are one of the finest in the city. In addition, located at 71212 133B Street in Surrey, the Suncreek Estates are very close to schools and shops and provide tennis courts and a recreation room. The Surrey apartment property for rent at Suncreek Estates also is a non pet friendly community (so you can’t bring your dog or cat) and you can view the suites by appointment by calling 604.596.0916.

Evergreen Place by Gateway Property Management Corporation

Affordable 1 and 2 bedroom rental suites in Surrey available now at 10525 150th Street at Evergreen Place condos for rent. Across from Guilford Mall, the library and other new community centre as well as schools and buses, this centrally located rental apartment complex at Evergreen Place is managed by the well established Gateway Property Management Team. The Surrey apartments for rent come with heat, h/w, drapes, carpets and a spacious and very clean. The Evergreen Place rental Surrey building features an outdoor pool, balconies and patios. For personal viewing, please call 604.582.0465.

Greenwood Gardens Apartment Rentals

Under new ownership! Greenwood Gardens Surrey apartment suites for rent provide one, two and three bedroom layouts that are perfect for any lifestyle. Heat and water are included in the rent at Greenwood Gardens Surrey rental lease building and all suites contain fridges and range, carpet and window coverings as well as ample storage. There is a seasonal pool on site as well at these rental suites in addition to a children’s play area and underground parking is available upon request. There is on site management at the rental Surrey Greenwood Gardens and you can call the leasing centre at (604) 582.1917 or visit them at 14831 – 104th Avenue in Surrey. The hours of the rental leasing Surrey centre is 8:30am to 4:30pm Monday through Friday, and Sat/Sun through viewing appointments. You can email shelter@scpl.com or visit www.scpl.com for lease information and other pertinent details about the rental suites at Surrey’s Greenwood Gardens today. This lease complex is managed by Shelter Canadian Properties Limited. Located at 104th Ave in between 148th and 152nd Street in the Guilford rental apartment district, the Greenwood Gardens condo suites for rent include floor plans that have one bedroom, two bed and three bedrooms with 1.5 bathrooms. Online is also the site plan, rental inquiries application form and aerial photos of the Greenwood Gardens Surrey Guildford rental apartments. No pets are allowed in these rental suites however. They apartment rentals in Guilford Greenwood Gardens are centrally located close to the recreation centre, shopping, public library and other Surrey real estate highlights and amenities. The physical address is at 14831 104th Ave in Surrey rental apartment market and the property manager at this point is Grace. You can contact Grace regarding renting at the Greenwood Gardens Surrey apartment rentals today by calling 604.582.1917 or emailing greenwoodgardens@shaw.ca. The business hours for the Greenwood Gardens rental application office is Monday through Friday from 8:30am to 4:30pm or you can also book a private viewing appointment of the rental suites anytime by calling ahead of time. The rental rates at the Surrey Greenwood Gardens apartment Surrey condos for rent include heat and water. Some features of these Surrey rental apartments in Guilford include underground and surface parking, heated outdoor swimming pool, children’s playground, and on site management staff. Also, there are coin operated laundry (washer and dryer) facilities on site in addition to an intercom security system at the Guilford Greenwood Place Surrey rental apartment suites in addition to balconies for some floor plans. Other features of the rental Greenwood Place apartments for rent in Guilford Surrey include frost free fridges and ranges in addition to additional storage. There are three residential rental Surrey buildings on site with a central courtyard too. The one bedroom Guilford Surrey rental apartments are 662 sq ft and the Greenwood Gardens two bed condos for rent are roughly 882 square feet. Lastly, the rental Greenwood Gardens Surrey apartments features three bedroom family residences at 1120 square feet.

Surrey Gardens Apartments for Rent

At home in a great community, the Surrey Gardens rental building provides a community with beautifully established landscaping that is surrounded by a quiet residential area that is close to shopping centres. In addition, the Surrey Gardens apartments for rental lease have on site laundry facilities, a clubhouse with billiards table and a rec room for cards, bingo, shuffleboard and darts. The one bedroom rental suites in Surrey Gardens complex provide private bright homes, most with balcony or patio, upgraded carpeting in the living room and bedroom in addition to upgraded flooring in the kitchen and bathrooms. These Surrey rental suites have newer appliances and vertical blinds in addition to two ceilings fans. For a personal tour at the Surrey leasing centre, please call 604.589.7040 or you can visit 12747 -102 Avenue in Surrey BC. For more information about the apartment rentals Surrey Gardens, please visit www.GreatApartments.ca or www.SurreyGardensBC.com. Sorry, no pets are allowed. A home in a great community is the rental Surrey Gardens apartment suites that provide great amenities including an outstanding location close to central city shopping centre, North Surrey Arena, Sunrise Senior Centre, Surrey Public Library and other community features. In addition, renters at the Surrey Gardens rental apartment residences will be close to Surrey Central, the SkyTrain station and other major transportation bus routes and highways to get in and out of the city quickly. Surrey Gardens apartments for rent also include renovated one bedroom suites with newer appliances. Some of the other outstanding features of these surrey rental apartment homes include upgraded carpeting, vinyl flooring in kitchen and entryways in addition to vertical blinds for your privacy. All of the one bedroom rental Surrey suites at Surrey Gardens condos are located within three residential buildings. The central clubhouse community courtyard is also for renters here. You can access all the Surrey Gardens apartment rental floor plans, photo gallery, rental rates and community information online in addition to receving updates on availability for your requested rental apartments. The Surrey Gardens apartments for rental office include Monday from nine to five, Tuesday to Friday from nine to six and Saturday from nine to five. The Surrey rental application form is located online.

Bon Terra Apartments Surrey Rentals

Check out these large 1, 2 and 3 bedroom suites with balconies starting from just $640/month in Surrey’s rental apartment market. Excellent for singles and families, access to Highway #1, near Guildford Shopping Centre and large fenced playground for children at these Surrey apartments for rent at Bon Terra. Also, heat and hot water are both included with your monthly rent but no pets are allowed at the Surrey Bon Terra apartments rentals. Please call 604.581.2915 for more information. Professionally managed by Touchstone Property Management Ltd.

Municipality of Surrey in the Midst Of Heavy Real Estate Development

By Andrea for Metro Vancouver newspaper: Diversity changing Surrey’s reputation. The municipality of Surrey may not have a glowing reputation as a hot place to live, but local realtors say it’s in the midst of heavy real estate development and is one of the most affordable communities in the Lower Mainland. Ed Wiebe, a realtor for Re/Max Colonial Pacific Realty specializing in Surrey property, said that B.C.’s fastest growing municipality used to have a reputation as a “poor” neighbourhood, but the construction of new homes and plazas, plus the addition of the SkyTrai line, has made it an up-and-coming area. He also said Surrey real estate market has a large selection of detached homes, townhomes and apartments that range from $300,000 to well into the millions. “Surrey’s diversity in style, size and lot sizes of homes makes it pretty much affordable to most homebuyers and owners,” he said. Scott Williams of Money Saver Realty agreed, adding the Panorama, Fleetwood and Cloverdale areas are some of the more popular for real estate purchases. “Those are the big areas that everyone wants to look in,” he said. “They’re all farily new and clean with nice houses and good price ranges.” Both realtors also lauded its proximity to Vancouver. “People like the fact that you’ve got the SkyTrain and Alex Fraser, Patullo and Port Mann Bridges,” said Williams.