Winnipeg RENT-TO-OWN - How does this all work?

• Apply online to get pre-qualified with no credit impact
• Choose a home within your approved budget
• The lender will purchase the home and you move in
• Each month you pay rent plus a fixed savings amount
  
• You can buy back the home anytime during the standard three-year term, or walk away and keep your savings based on the program rules

• Are freehold single-family homes or townhouses
• Are connected to municipal water and sewer
• Are priced between $150,000 and $600,000
• Are located in Winnipeg.
  

• Employment letter
• Most recent pay stubs
• Notice of assessment from the last two years
• Bank statements for the past 6 months

• T1 General tax returns for the last 2 years
• Notice of Assessment for the last 2 years
• Business bank statements for the last 6 months
• GST returns if applicable

• T1 General tax returns for the last 2 years
• Notice of Assessment for the last 2 years
• Articles of Incorporation
• Business bank statements for the last 6 months
• Accountant prepared financial statements for the last 2 years
• Corporate tax returns or CRA balance to verify corporate tax
• GST returns if applicable

• Proof that such payments are expected to be longer than three years

• Proof that such payments have been made consistently in the past 6 months

Yes. An initial deposit is required to enter the program. Here's how it works:

1. Minimum deposit: $5,000 or 2% of the home price — whichever is greater
2. Accepted formats: cash, investments, or other liquid assets

This deposit is not a fee — it goes directly toward your future down payment from day one. Combined with your monthly savings contributions, it builds toward the down payment you'll need when you're ready to purchase the home.

In some cases, we may require a higher initial deposit depending on your overall risk profile. This will be confirmed during full approval.

The minimum credit score to be considered for Requity's program is 500.

That said, your credit score is just one part of the picture. When we review your application, we look at your full credit profile — which means a score of 500 or above is a starting point, not a guarantee of approval. Two additional requirements apply:

• No unpaid collections or debt in default with an outstanding balance — any unresolved collections or defaulted debt will need to be addressed before you can be approved
• No active bankruptcy or consumer proposal — you must be fully discharged before applying

If your score is below 500, or you have outstanding collections or an active proposal, we may not be able to approve your application right now. Our team can suggest practical steps to help you get there and reapply when you're ready.

If your score is 500 or above and your credit history has some bumps — but no active issues — that's okay. The program is specifically designed for people rebuilding their financial footing, and our coaching is there to help you strengthen your profile while you rent.

When the rent-to-own lender purchases the home on your behalf, they cover all associated closing costs — legal fees, title insurance, and land transfer tax. You pay for the home inspection.

When you buy the home back from the rent-to-own company at the end of the program, you are responsible for the closing costs associated with that purchase, just as any buyer would be when completing a real estate transaction.

We understand buying a home is a big decision and the process can be stressful. We will always aim to support you along the way. Here is what you can expect once you find a home that you’d like to put an offer:

• Our team will work with you and your agent to set on our bidding strategy and the maximum price we are willing to bid.
• We will reach out to you to get your consent on our bidding strategy and price.
• Once we get your consent in writing, you will be required to put a deposit of $500 so that we can move forward and present our offer to the seller.
• Once our offer is sent in, we expect to hear from the seller within 24 hours and sometimes we may need to negotiate with the seller through the process.
• Once your offer is accepted, our team will arrange the inspection of the home to make sure that there are no surprises. This process is pretty standard and usually takes less than 10 business days.
• Assuming we are happy with the home condition, we will waive our condition and the deal will become firm.
• You will wait for the closing date of the home (usually 1-2 months from the offer acceptance date) when you can move into your new home.

The initial purchase price is based on comparable properties and recent sales in the area. We work with you and your realtor to ensure the offer is competitive but fair.

Your buyback price is the initial purchase price plus 5% per year. This is agreed upon and locked in at the start of the program — it does not change based on market fluctuations.

If the home appreciates faster than 5% annually, you benefit from purchasing at below-market value. If the market softens, your buyback price remains fixed — see the question below on appraisal scenarios.

1. We provide your estimated home shopping budget — the price range of homes you're eligible for based on your initial application.
2. You submit your full supporting documents (income verification, bank statements, etc.) for final approval. Full approval typically takes 1 business day once all documents are received.
3. Once fully approved, Shawn Sommers from Century 21 Carrie Realty will help with your home search.
4. You start visiting homes. Once you find one you'd like to move forward on, our team reviews the property to confirm it meets program criteria.

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From pre-qualification to moving in, most clients are in their home within 30 to 90 days.

No. The Rent-To-Own company is not a lender and this is not a mortgage.

During the rent-to-own term, you are renting the home — there is no interest rate, no loan, and no debt in your name. Your monthly payment is rent plus a fixed savings amount.

The goal of the program is to help you become mortgage-ready so that when you're ready to buy the home back from the rent-to-own company, you can secure financing through a traditional bank or lender on your own terms.

• Closing Date - the date you can move in to the home.
• Offer Price - We'll review comparables and work with the realtor to determine a competitive price. Your input is important and we'll make an offer only with your consent. We'll ensure your interests are protected and the purchase price is reasonable. The lower we can negotiate the initial purchase price, the better it is for you as it impacts monthly payments, deposit, and buyback price.
• Conditions
  • Home Inspection Condition - essential for protecting you from unforeseen problems due to major structural/foundation issues
  • Financing Condition - ensure the appraised home value is the same or higher than the offer price and the homes meet lender requirements
  • Insurance Condition - required by lenders,especially for homes with wood burning fireplace that may need a WETT certification
  • Others, if applicable

Before your move-in date, you'll need to:

1. Transfer your first month's partial rent and savings contribution to Requity
2. Set up utility accounts in your name (gas, electricity, water)
3. Obtain tenant insurance
4. Pay a refundable key deposit of $100 to Rent To Own Company 

Here's how costs are divided:

Rent To Own Company covers:

• Property taxes
• Landlord's building insurance

You are responsible for:

• All utilities (gas, electricity, water)
• Tenant insurance (required before move-in)
• Snow removal and lawn care

Yes. The Rent-to-own company reports your rent payments to the credit bureaus like Equifax at no charge. This means every on-time payment contributes to improving your credit score during the program.

Building credit through consistent rent payments is one of the ways Requity helps you become mortgage-ready by the end of the term.

Your monthly rent payment is designed to reflect the costs associated with home ownership and generally includes components for mortgage principal and interest, property taxes, and insurance.

Because property taxes vary across provinces and municipalities, we use an industry-standard estimate of 1% of the home purchase price when calculating the property tax component for purposes of structuring the lease payment. This approach is applied consistently throughout the lease term.

When you exercise your option to buy back the home, you assume responsibility for paying the actual property taxes associated with the property directly, based on the applicable municipal assessment and tax rates at that time.

You can initiate the buyback at any time during your three-year term — there is no minimum rental period. Here's how it works:

1. Contact the Rent-To-Own company to indicate you're ready to buy back the home.
2. Secure a mortgage through a bank or lender. Your RTO & mortgage broker coaches can help you prepare your application.
3. The buyback price is your locked-in price (original purchase price plus 5% per year for each year elapsed).
4. Your accumulated savings (initial deposit plus monthly savings) are applied toward your down payment.

If you don't have sufficient mortgage financing, you also have the option to purchase with cash.

If the home appraises below your buyback price when you're ready to purchase, you have a few options:

1. Request a second appraisal — submit the report to the Rent-To-Own company and we'll explore a second opinion.
2. Postpone the buyback — give the market time to recover, or contribute the difference yourself if you're able.
3. Exit the program — walk away and receive your accumulated savings back, minus the 5% transaction fee.

This situation is uncommon, but we work with each client to find the best path forward.

If you decide not to purchase the home, you can exit the program at any time after your initial lease term ends.

You'll receive your accumulated savings back — your initial deposit plus all monthly savings contributions — minus a transaction fee of 5% of the original home purchase price.

Your savings are yours. No arbitrary forfeiture.

We aim to help every client become mortgage-ready during the program through one-on-one financial coaching. However, we understand that circumstances can change.

If you're approaching the end of your term and aren't yet mortgage-ready, you have a few options:

1. Request a term extension — we review these on a case-by-case basis
2. Exit the program and cash out your accumulated savings (minus the 5% transaction fee)

If this is a concern, the best approach is to raise it with your RTO & mortgage broker coaches early — the sooner we know, the more options you have.

The standard program term is up to three years. You can buy the home back at any point during this period — there is no minimum time you must wait.

If you need more time beyond three years, reach out to discuss whether an extension is possible. Circumstances vary, and we review extension requests on a case-by-case basis.

No. As long as you are making your payments on time, the RTO company cannot sell the home to anyone other than you during your rent-to-own term.

You hold the exclusive right to purchase the home throughout the duration of your contract. This is a fundamental protection of the program — your stability is guaranteed by contract, not just policy.

These agreements contemplate these circumstances and the approach is intended to be fair, practical, and sensitive to the client’s situation.

In the event of death:
For a sole tenant, the lease terminates 30 days following the tenant’s death. Where there is more than one tenant, the surviving tenant may continue under the lease, with the estate included for a 30-day period before the tenancy continues solely in the name of the surviving tenant.

Under the Option to Purchase Agreement, where a sole optionee passes away, the agreement terminates concurrently with the lease. In these circumstances, any penalty fee otherwise applicable is waived.

In the event of disability:
Because every situation can vary significantly, disability-related circumstances are assessed on a case-by-case basis. Our approach is to work constructively and compassionately with clients to understand their circumstances and determine an appropriate path forward.

The objective in either situation is to provide a framework that is fair, practical, and responsive to client needs.