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Creative Property Solutions was formed in January 2005 as a result of extensive research into the UK property market and visits to highly successful counterpart organisations in both the US and Canada. Since our incorporation, we have assisted many people in realizing their ultimate dream of home ownership! [Back to Top]The approval process is quite simple. If you have reliable income with the monthly income to support your payment and you are willing to be honest about your credit history, you may very well qualify. We are not like conventional lending institutions; we believe everyone deserves a second—and sometimes a first—chance! Contact Us and fill in an application—you may surprise yourself! [Back to Top]Yes. At Creative Property Solutions we strongly believe that “Everybody Deserves and Has the Right to Own Their Own Home.” We have assisted many new citizens in realizing their dream of owning their own home. Just because you arrive with no credit established does not mean you should be penalized. We will do our very best to help you establish a good credit rating with the credit agencies necessary to make home ownership a reality. [Back to Top]It really depends on your individual situation. We are not like most financial institutions; we believe in providing everybody with the opportunity to own their own home. All we ask is that you are honest about yourself when you provide us with your credit information. We measure our success on the number of people we are eventually able to assist in qualifying for a conventional mortgage. We look at it this way…if you win, we win; if you fail, we fail. [Back to Top]Not at all. We have assisted many self-employed and commission-based people to become homeowners. Our qualification process is very flexible and takes into account that your income may not always be guaranteed. [Back to Top]We will accept any form of certified funds (certified cheque, bank draft or money order) for the initial deposit. If you have equity in a property you are currently selling, we will accept proof of your equity until the property sells. You may have other assets that we would consider on an individual basis. Please speak with us to obtain further information. [Back to Top]Yes.Unlike some financial institutions, we believe you are free to choose where you get your down payment from. No. Depending on the property and your personal credit situation, we may accept a payment schedule that is stretched over a number of months. Each application is reviewed and approved on an individual basis. [Back to Top]If you have submitted a completed application, it usually takes only 1-2 business days to approve. We require spouses and common-law spouses to complete a separate application, as this will ultimately improve your chances of being approved. If your application is approved and we have received your Initial Option Deposit confirming your commitment to purchase, we then forward an itemized list of what you will need to bring with you when you sign the lease contract. Once you have verified that everything is acceptable to you, we will arrange a time for you to come into our office and sign the Lease Option agreement. It really is that simple! [Back to Top]When your lease term expires, you have a number of options to choose from. Please refer to the Program Details for more information. [Back to Top]To qualify for conventional financing, you must meet the lending institutions’ qualifications. These qualifications can vary depending on the institute you are dealing with. Creative Property Solutions can help you to achieve this ultimate goal. We will provide you with a personalized plan in order to assist you in achieving your ultimate dream of home ownership! [Back to Top]You can move into the property as soon as the Lease to Own contract has been signed and you have provided us with the required Lease Option Deposit. [Back to Top]No, the purchase price is not negotiable; however, the terms and conditions of the published monthly payments are somewhat negotiable. It depends on how much down payment you have to work with. We review and approve each application on an individual basis. [Back to Top]Yes, you have the right to renovate or improve the look of your property. Renovations can add significant value to your investment and will increase your equity. Remember, you are not just renting the property; you have an ownership stake in the property. All we ask is that you respect the property and complete any job in a professional manner. We also ask that you obtain approval in advance for any structural changes (such as removing a wall or including an addition), as there may be legal or structural issues surrounding a major change of this nature. [Back to Top]You do. You will be the direct beneficiary of any improvements you make, as they will increase the value of your investment. As you benefit from improvements you make, so are you also responsible for your home’s maintenance. Please remember that all homes require periodic maintenance, so this should be budgeted for when considering the monthly payments. [Back to Top]Yes. You can have as many pets as you wish. Remember, you are not just renting, you have an ownership stake in the property. [Back to Top]You do not have to live in the property and may place a tenant into a property if you wish. Please note: you will still be fully responsible under the terms and conditions of the lease contract that you sign with us. You will also be responsible for all maintenance, repairs and damages that may occur. [Back to Top]All our payment plans are all inclusive: structural (building) insurance, property taxes and condo fees (if applicable) are included. This service is provided by Creative Property Solutions to ensure all payments are made in a timely manner. [Back to Top]If you wish to move during the term of the agreement you have several options: - Rent the property to a tenant or a relative. Keep in mind, you are still legally responsible under the terms and conditions of the Lease to Own contract that you signed. - You may want to consider our Buy Back Program This program provides you with the opportunity to sell the home back to Creative Property Services at full market value without the hassles of listing your home with an Estate Agent or a FSBO (For Sale by Owner) listing agency. [Back to Top]Yes. You will be able to sell your interest in the home as long as you have met all of the terms and conditions and your obligations of the lease contract. Creative Property Solutions reserves first right of refusal on any property that a Lease to Own client wishes to sell. [Back to Top]As with any lending institution, we require that you honour all obligations under the terms and conditions of our Lease to Own contract. You must pay the correct amount on time. If you fail to do so, you will be considered to be in “default” under the terms and conditions of the contract. If you default, we reserve the right to immediately commence legal proceedings to recover and secure our interests in the property. If this happens, you may lose all equitable interest in the property, including but not limited to: initial and additional option deposits, monthly option credits, etc. We will also be entitled to recover any and all legal costs that we may incur. We know this sounds serious, so we would like to ensure you are fully aware and clearly understand both our and your rights and obligations under the terms and conditions of the contract before you sign. [Back to Top]If at any time during the term of the agreement you choose to “walk away” from your obligations, you will lose any and all equitable interest in the property and will be responsible for any and all additional expenses that may be incurred on our behalf. [Back to Top]Yes. Once we have received your Initial Option Deposit, you will be provided with the opportunity to have the property inspected. Please note, should the inspection uncover minor deficiencies, the purchase price of the home will not be adjusted. If a major structural or mechanical deficiency is uncovered, you have the right to receive a full refund of your deposit—no questions asked. [Back to Top]No. Your Initial Option Deposit is not refundable if you change your mind. It is refundable if we do not approve your application, or if a certified house inspection uncovers some major structural or mechanical deficiency. [Back to Top]We do not provide any type of warranty or guarantee on our properties. We have most of our properties inspected by a certified inspector at the time we purchase them. We will gladly provide you with a copy (if available) of the inspection report upon request. You do have the right to have the property inspected independently after we have received your Initial Option Deposit. The cost of this inspection will be your responsibility. Your Initial Option Deposit is fully refundable if a major structural or mechanical deficiency is uncovered. We will not negotiate the purchase price or provide refunds for minor deficiencies or cosmetic issues that may be uncovered. [Back to Top] | |||||||||||
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