At the heart of our mission is a simple yet profound goal: to help you become a homeowner. We understand that the journey to homeownership is a significant milestone, one that comes with both excitement and challenges. That’s why we’ve designed a process that prioritizes your needs, offering flexibility and support every step of the way.
As the end of your term approaches, our team will connect you with our trusted mortgage partner. You’re also free to find a mortgage partner that works for you. With the deposit you will have accumulated and the credit track record you will have built, you should be well positioned to be able to buy the home. We encourage you to do your research as well to get the best interest rates and mortgage deal for your situation.
The mortgage amount required at the end of the term will be 90% of the 5-year end home value as pre-defined in your Owner Resident Agreement. If you do not require all of the equity you have accumulated to buy the home, Key will return the additional cash to you, and you can use the cash to fund closing costs or to add to your savings.
Upon closing, Key will transfer the home title to your name. You will need to fund closing costs including legal fees and land transfer taxes.
You’re now the full owner of the home and free to choose to do whatever you want with the property. Key has no stake in the property beyond this point. Congratulations on becoming a full homeowner!
We know that life can take unexpected turns, and your circumstances might change. Our top priority is to make sure that you feel supported, no matter what. If you find yourself unable to purchase the home at the end of the term, we’ve built in a strategy that’s designed to protect your interests.
If your financial situation has changed and you can’t buy the home at the end of the term, a one year extension may be considered.
If you walk away from the commitment to purchase, you would get your deposit back, excluding capital appreciation. You would have to pay 2.5% of the final home value to share the cost of reselling the home on the market with Key. The costs are designed to be transparent and reasonable.
You’ll be responsible for maintaining the home in good condition, ensuring it’s saleable on the market if it comes to that. Once this is done, you’ll be free from the agreement, and we’ll take over the process of selling the home.
At the end of the day, our number one priority is to help you achieve the dream of homeownership. We set you up for success and accompany you in every step of the process, because your journey is our journey. And your success is our success.
