Belmont Rental Rewards Program (Rent-To-Own)
An innovative concept geared to help Crossing at Belmont’s tenants become Belmont Residences homeowners.
- With the recent changes of government regulations, including the new financial stress test for borrowers, it’s becoming more difficult for buyers to be able to afford a new home. We are delighted to be able to help put homeownership within the reach of more people.
- It is not often that a developer has available in the same master planned community and at the right time, both new purposed built rental, and market condominiums.
- Crossing at Belmont units will be available for rent in the fall of 2019.
- Belmont Residences West will be completed in Spring 2020.
- Belmont Residences East is expected to be completed in Spring 2022.
A Member will be eligible to accumulate points, redeem points for credit towards the purchase of a Belmont Residences condominium and participate in the Program if they comply with all of the following conditions:
- the Member is an individual or more than one individual, together called “the Member”
- the Member enters into a single residential tenancy agreement with the owner/manager of Crossing at Belmont for a Rental Unit with an initial term of at least one (1) year
- the Member is the original tenant of the Rental Unit (meaning the Rental Unit was not previously rented or occupied by another person and the Member is not a subtenant)
- the Member occupies the Rental Unit as a principal residence, and the Tenancy Agreement is still in effect, until the Member completes the purchase and sale agreement of a condominium at Belmont Residences.
- in order to purchase a condominium at Belmont Residences West only, the Member will have occupied the Rental Unit at Crossing at Belmont for a period of at least six (6) months;
- the Member is in good standing and has fulfilled its obligations under the Tenancy Agreement at the time of signing Purchase Contract and the date of closing of the condominium; and
- the Member provides evidence to the Belmont Residences sales team that they are in good standing with the owner of Crossing at Belmont at the time of signing the purchase and sales agreement, in a form satisfactory to the Vendor including but not limited to a confirmation letter from the owner/manager of Crossing and/or financial records from the Member’s financial institution and/or such other information and material as the Vendor may require.
By renting one of the 156 Rental Units at the CROSSING at Belmont starting Fall 2019; the eligible Member will earn 25% of the value of the rent; OR one (1) Point for every four dollars of rent, the Member pays based on the Tenancy Agreement, represented in “Belmont Rental Rewards Points” that can be used towards the purchase of a residential unit at Belmont Residences at a rate of one dollar ($1.00) of credit for every Point earned up to a maximum of 5% of the purchase price of the Residential Unit,
For clarity, the Member will not earn or be entitled to any Points for rent paid outside the Eligibility Period or payments made in connection with the Tenancy Agreement other than those payments made as monthly rent including, for example, security deposit, parking charges and similar fees or charges.
The Eligibility Period commences the first day that any rental unit at Crossing is occupied by a tenant (the “Program Start Date”) and ending on the earlier of (i) the day on which the Member completes the purchase and sale of the Residential Unit and (ii) the day that is 36 months after the Program Start Date (the “Eligibility Period”).
To redeem points, an eligible Member must enter into a single contract of purchase and sale to buy any available condominium at Belmont Residences East or Belmont Residences West and provide evidence that the Member is an Eligible Member at all relevant times.
Up to $5,000 of the total value of the credit earned will be applied against the second deposit obligation under the contract of purchase and sale.
On completion of the purchase and sale of the condominium the Vendor will provide that Member with a credit on the closing statement of adjustments equal to one ($1.00) dollar for every Point earned by the Member, up to a maximum credit of five (5%) percent of the purchase price of the condominium, less the portion (if any) applied against the second deposit obligation (see above). For greater certainty, the purchaser under the Purchase Contract must be the same individuals who are named on this Enrollment Form as the Member.
This is only a summary. For a complete list of restrictions and limitations please refer to the Program Enrollment Form.
This document is only a summary of the relevant legal documents. As such, it is general in nature and does not include all relevant terms and conditions of the Belmont Rental Rewards Program. Graphical and pictorial depictions are intended to reflect certain features of the Program. This document must be read in conjunction with the actual legal documents and any conflict or inconsistency between this document and the terms of the legal documents will be governed by the applicable legal documents.