Frequently Asked Questions
with Rent to Own:

Why do I have to pay $500.00 as an initial payment upfront?

  • Initial amount is to show good faith on your (the tenant’s) part
  • It takes time to review an application and coordinate with a realtor

Who will see my personal information?

  • The only person who will see your personal information is Dogstar Properties Inc. and/or the joint venture partner
  • When the investor locates a credit repair specialist, the investor will provide your personal information to them and to them only

What happens if I can’t purchase the house at the end of the rental term?

  • Issues are addressed on a case-by-case basis
  • As long as you are saving for your down payment, things can be done to help you with home ownership such as a rental term extension
  • If you simply change your mind, you will forfeit your initial deposit as well as any option credits you have earned throughout the rental period

How much of a deposit do I need to put down?

  • The deposit required is between 2% and 5% of the purchase price of the home
  • The larger the deposit, the better it will be for you because the deposit is credited toward the purchase price at the end of the rental term

Who is in charge of maintenance?

  • The tenant is responsible for all maintenance and repairs to the property

Who pays for the home inspection?

  • Tenant is responsible for the cost of the home inspection

Who pays for the property taxes?

  • During the rental term, the investor pays the property tax; once you exercise your option to purchase, you, the tenant now owner, pays the taxes

What about insurance?

  • The investor will be responsible for property insurance during the rental term, once you, the tenant, purchases the property, you will be responsible for property insurance
  • During the rental term, you must have renters/contents insurance

Who pays for utilities?

  • You, the tenant, is responsible for the utilities including heat, hydro, gas, water and any other utilities payments that may apply