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Dockrey Apartments

Rent To Own

Buying   Credit Repair   Risk-Benefit   Rent-comparison   Disaster   The Lease  

Your Rent To Own Lease
Typically there are two parts to your agreement, the Lease and the Option To Purchase. Your lease defines the terms and conditions of renting your home during the first phase of your Rent To Own process. The terms of your lease should include the following:

The Lease
In Nova Scotia the lease is required to comply with the Residential Tenancies Act (N.S.R.S.1989.c.401) The Nova Scotia Standard Form of Lease satisifies all these requirements

There may be other terms and provisions to your lease agreement depending on Provincial Law, local ordinances etc. In the final analysis the terms of your agreement are up to you and the landlord/seller.

The Option To Purchase & Contract of Sale
The Option To Purchase may be a part of your lease agreement, part of the Contract of Sale, or a separate agreement entirely. The following common provisions may apply.

The Option to Purchase & Contract of Sale drafted as either a separate documents, or together, are contracts with all obligations provisions and conditions of any Real Estate Sale.
Dockrey Apartments has the contract drafted by their Solicitor, and draft copies given to the lessee/purchaser for examination and approval by the lessee/purchaser's solicitor or legal advisor prior to signing.
Dockrey Apartments advises that all prospective lessee/purchasers retain skilled counsel to examine all contract documents