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Updated over 10 years ago,

User Stats

5
Posts
1
Votes
Christine Thygesen
  • Real Estate Investor
  • Kelowna, BC
1
Votes |
5
Posts

Lease Purchase in Canada

Christine Thygesen
  • Real Estate Investor
  • Kelowna, BC
Posted

Hello, we have been unsuccessfully trying to sell our house and have recently been contacted by a couple wishing to rent to own our home.  She is recently out of a three year college program and her husband is less than a year into his own business. The banks won't mortgage them without 2 more years of income.  She has already told me that they have $30k to use towards their purchase credit.  I have been reading the forums and trying to learn what I can about Lease purchases but would love more direction.  This may be a silly question, but I am such a newbie that I have to ask:  would I be able to use the $30k as a down payment for my new home or does it need to remain in trust until the end of the lease term?  Thank you in advance for any advice!  

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