RTO question.

[kumar]

Iam trying to learn more about RTO ..how its done etc.After the tenant buyer gets an approval for the



mortgage at the end of the term, what document(s) I need after that?Would it be a Real estate Purchase contract?



Please advice.



Thank You.

 

[Thomas Beyer]

Yes, a purchase contract with specific language for the option credit, written or reviewed by a lawyer licensed in that province and familiar with RTO, such as Barry McGuire. Also, read Mark Loefflers book on RTO. Ensure that you have TWO contracts before you start, one being the lease and the other being the option to purchase, reviewed for the province as the chance is around 50% that tenant-buyer will default before purchase. Hopefully deposit is big enough to cover property damage and multi-month vacancies and eviction process !