The short version
Rent-to-own lets you move into a condo today and buy it later at a price locked in when you sign. Part of every monthly payment is credited toward your future purchase.
Step by step
- Apply — tell us about your income, savings and where you want to live. A credit score of 500+ meets our minimum, subject to full review and approval by our underwriting team.
- Choose your condo — pick from available units and lock in your purchase price.
- Move in — your initial option deposit is typically 2–3% of the locked price.
- Build credit — a portion of each monthly payment becomes ownership credit toward your purchase.
- Buy — at the end of the term, purchase the condo with a mortgage. Your deposit and credits count toward it.
Two ways it can be structured
Depending on the situation and the contract, a rent-to-own can be set up as a lease with an option to purchase, or as a binding agreement of purchase and sale with a delayed closing and an interim lease. The contract governs — always get independent legal advice before signing.