EARN YOUR DOWNPAYMENT

Earn your down payment with good approached mentioned. The initial installment is the sum utilized toward the buy of the home that leaves your own funds. Your initial installment can be as meager as 5%. In the event that you can bear to put down additional, that is extraordinary. The higher your initial installment, the less you’ll need to obtain, which implies less of your wage each month will go toward reimbursing your home loan. The more you put down, the less you’ll need to acquire, which means lower installments consistently.

There are various sources individuals draw on for their initial installment.

Indeed, even little sums here and there include: investment accounts, profits, a funds security that is developed, an occasion reward from work or a pay charge discount. You may even choose to offer some of your own belonging to raise cash. On the off chance that you have a Registered Retirement Savings Plan (RRSP), you can pull back from your RRSP (it’s not viewed as a credit as no hobby is charged) to purchase or manufacture your first home under the Canada Revenue Agency (CRA) Home Buyers’ Plan (HBP). You and your companion or regular law accomplice are each permitted to pull back up to $25,000 charge free from your RRSP. The withdrawal is paid back in equivalent portions more than 15 years, starting the second year after the withdrawal. You’ll be informed by the CRA when you have to start reimbursements. Make sure to incorporate the reimbursement sum in your financial plan on the grounds that on the off chance that you miss a portion or come up short on, that sum will be added to your assessable pay for the year.

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ABC Properties, Inc.
“Earn Your Downpayment” Option

This home is being purchased under the “Earn Your Down-payment” plan. This means that the Tenant/Buyer has elected to do some minor fix-up themselves to be applied toward the down-payment on the home. Upon satisfactory completion of the repairs, the Tenant/Buyer will be “credited” with the amount agreed upon towards the sales price of the home.

The items to be completed on this home are:

Exterior trim and window paint and minor wood repair – $550.00
Replace carpet and vinyl – $900.00

Total earned toward down-payment – $14500.00

*ALL REPAIRS MUST BE COMPLETED WITHIN 90 DAYS OF DATE BELOW. FAILURE TO COMPLETE SPECIFIED REPAIRS WITHIN THAT TIME WILL VOID AGREEMENT*

All improvements and repairs must be completed in a professional manner and must meet all building code regulations. Tenant/Buyer is responsible for any accidents that may occur while completing these projects and agrees to hold ABC Properties, Inc. harmless.

Downpayment earned is only applied IF Tenant/Buyer purchases the home at the end of the Rent To Own period.

All Downpayment consideration, whether in the form of cash or earned by property improvements, is NONREFUNDABLE if Tenant/Buyer violates conditions of Lease agreement or defaults resulting in failure to purchase property.

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Tenant/Buyer Signature                           Date

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Tenant/Buyer Signature                           Date

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ABC Properties, Inc. Representative         Date