need some help with forms and structure of quickturn deal in ontario

  • mughals

    Status: REIN™ Member

    Posts: 37
    Joined: 19 Feb 2010
    From: Calgary, AB

     hello fellow quick-turners,

    I'm in need of some advice.   I have a typical quick turn deal on the go, where seller has agreed to sell their house for what they owe on it.  i would take over the payments and turn around and lease option it to an end buyer.  (probably a 4 year term).  the maths work, but i'm just not sure how to proceed with which forms to use and if i purchase with AFS OR do a lease agreement with seller with an accompanying option to purchase document.  it seems that quickturn is much more complicated in ontario than those out west who are successfully doing the same.  The real issue is that seller needs to have a document that provides sufficient proof that their mortgage payments are "taken care of" and this won't affect them getting a mortgage on their new home.  What are the advantages /disadvantages with purchasing via AFS or doing lease long term with option to buy?  If you have done something like this in ontario, maybe  you could be kind enough to share which lease option docs you used and option docs.  or which AFS docs you used?  i've gone through the rein documents and i'm uncertain which ones are appropriate here.  

    would appreciate some advice,

    regards,
    mike 
    michael.dbar@gmail.com
    Michael Dunbar| Ontario Buyer's Market|Rent to Own Specialist & Broker
    "Catapult Your Way to Home Ownership in Three Months or Less"
    The Ontario Buyer's Market is devoted to providing Canadians with alternative
    financing solutions to live the dream of home ownership
    ontariobuyersmarket.ca
    michael@definitiveinvestments.ca
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