How much of a down payment do I need?
The down payment or option payment will be a minimum of $6000 or 3% of the purchase price, although we are flexible. The entire amount is considered down payment when you exercise your Option to Purchase.

What if I don't qualify for a mortgage at the end of the lease?
If you have paid all your monthly lease payments on time, but need more time to qualify for a mortgage, we often write into the Option to Purchase Agreement an extra year. This is extra security for you.

Can I renovate my house?
Yes. This is your home and we want you to be proud of it. Any additions or structural changes must have our approval but all improvements create equity for you.

How do I know my deposit and credits are secure and will be honoured?
he Option to Purchase is a legal document, which can be reviewed by your lawyer at your discretion and may also be registered.

Who is responsible for the maintenance of the property? And the utilities?
You will be responsible for the repairs, maintenance and improvements to the property during the lease term. It is to your benefit to make improvements that will appreciate the value, and increase your return on your investment. You are also responsible for the connection and monthly payment of any utilities you require.

Who pays the property taxes and insurance?
Your lease payment will be all-inclusive of property taxes, strata fee (if applicable) and building insurance. You will be responsible for your personal content insurance, as with any rent or lease agreement.

What happens if I default on my lease payments?
Like any other lease agreement, you are expected to make your monthly payments on time. Should you fail to meet your obligation of the lease, we reserve the right to commence legal proceedings to recover our costs. You not only risk losing your right to purchase the property, but also your initial deposit and any Option Credits you may have accumulated to date. If we are unable to resolve the matter quickly, we will serve an eviction notice. It is our intention to assist our clients in the ultimate dream of home ownership. We choose to work with people who are responsible & dedicated to making this dream a reality.

What makes CGM Properties Rent-To-Own program a secure venture?
We do our due diligence up front, with the mortgage broker, credit check and verifying income. We listen to your needs and stay involved from beginning to end and continue to work with you through the term, guiding you to the purchase of your home. We have a strong team of a Realtor, Mortgage Broker, Home Inspector and Lawyer. This is a full time business that we are very serious about and we want all parties to succeed.

How do I get started?

1. Fill out an I Am Interested form. There is no obligation and then we talk.
2. Fill out a Rental Application. There is no obligation and then we talk some more.
3. Meet with the Mortgage Broker. There is still no obligation and they help you determine the steps that need to be taken for you to qualify for a mortgage in 1 to 3 years.
4. You can now look for your home, if you decide to go forward.