Now that you’ve moved in and started enjoying the benefits of homeownership, your 5-year term with Key starts. Here’s what you need to know.
The Owner Resident Agreement is a legal contract that will be in effect during your 5-year term.
Each dollar you contribute to your equity account earns a set annual return, or as specified in your agreement. This equity growth helps position you with a 10% deposit by the end of your five year term.
Your initial and subsequent deposits grow at a fixed rate specified in your agreement. All deposits and their compounded growth go into your home equity account.
By the end of the term, you'll have enough equity and an income level (which you were screened for) to qualify for a CMHC-insured mortgage to fully purchase the home.
You can customize your home, with things like paint and light fixtures, any time you want. You can also renovate to suit your lifestyle as long as the renovations are approved. Any structural alterations, additions, or other changes to the property require prior written consent from Key and must comply with all applicable laws.
As Owner-Resident of your new home, you will be responsible for repairs and maintenance.
Key is responsible for paying the property tax and the property insurance.
If you miss a payment due to income interruption, your initial deposit can cover it, and there’s flexibility to get you back on track.
Note: To review further details of contract terms and conditions, you can request a copy of our sample OR Agreement.
