Wesgroup Properties
beyond rent program – the fine print
Wesgroup Properties (“Wesgroup”) is excited to offer our beyond rent program to help our customers’ transition from renters to homeowners. We have laid out below some basic information about the beyond rent program, but be aware that the information below is an overview of the beyond rent program and is not the complete or comprehensive terms and conditions that apply to the beyond rent program. This does not create any obligation for Wesgroup to sell, or a customer to buy, any interest in a Wesgroup home. Participation in Wesgroup’s beyond rent program involves signing a legally binding contract to purchase a Wesgroup home. It is important to understand the terms and conditions of that contract before you sign. Wesgroup encourages our customers to obtain independent legal advice before signing any contract of purchase and sale.
What is the beyond rent program?
The beyond rent program is a program that gives eligible participants the opportunity to purchase a Wesgroup home at a discount. Specifically, individuals who are presently a tenant in one of Wesgroup’s residential rental units may make a request to participate in this program if and when such tenant enters into a contract of purchase and sale to buy a home in one of Wesgroup’s participating residential development projects (which projects shall be determined by Wesgroup, in its sole discretion). The discount under the beyond rent program is not guaranteed and certain conditions must be met, as generally outlined in this information sheet.
Who is eligible to participate in the beyond rent program?
Anyone who is a tenant in one of Wesgroup’s residential rental units at the time of signing a contract to purchase a Wesgroup home is eligible to participate. However, being eligible to participate in the beyond rent program does not guarantee that a tenant will receive a discount under the beyond rent program. In order to receive the discount under the beyond rent program, participants must be a tenant in good standing in one of Wesgroup’s residential rental units for a continuous period of at least 36 months as of the completion date of the purchase of the new home. Further, in order to receive the discount, participants must be the “tenant” listed in the residential tenancy agreement with Wesgroup and actually live in the rented unit for the entire time that such participant is participating in the beyond rent program. Only one discount is earned for each rented unit (meaning that if two people are listed as tenants, they are only eligible for one discount, not two) and a participant cannot have received a previous discount under the beyond rent program in respect of a previous purchase of a home from Wesgroup.
How long do I have to rent before I can participate?
You must rent and occupy a rented unit for at least 36 continuous months prior to the date on which the purchase of a new home completes (meaning the new home purchase price is paid and you receive the keys to your new home) to be eligible, and you have to still be a tenant of Wesgroup, occupying a residential rental unit, on the date that your new home purchase completes and you are able to move in.
What if I am already renting and want to participate?
Great, you have a head start to getting your discount! Current Wesgroup tenants can participate in the beyond rent program, and time that you have already been a tenant with us after January 1, 2020 counts toward your discount.
What does the discount apply to?
The discount is applied to the final pre-tax purchase price of your purchased unit listed on the purchase and sale contract. It does not apply to additional costs such as parking stalls, storage lockers, upgrades, closing costs (taxes, legal and financing costs, for example) or other extras added on to your agreement. The discount cannot be combined with any other discounts, sales incentives or promotions offered by Wesgroup.
What Wesgroup projects are included in the beyond rent program?
A limited number of Wesgroup’s residential development projects with homes available for purchase will be included in the beyond rent program. Wesgroup will determine what residential development projects are included in the beyond rent program from time to time, in its sole discretion. A current list of participating projects may be provided on request.
What if I move out of my rented unit before my new home purchase is finished?
If you move out of your rented unit at any time before your new home purchase completes (meaning the new home purchase price is paid and you receive the keys to your new home), you are no longer eligible for any discount. The discount is applied at completion, so if you are no longer a tenant you will pay the full purchase price under your contract. The only exception to this is if Wesgroup terminates your tenancy because Wesgroup is redeveloping the building you are renting in (not because you are in default of your tenancy agreement) as long as you complete the purchase of your new home within three years of when your tenancy with us ends. In this case you are still eligible for a discount based on the time you are a tenant.
Does the rent that I pay count toward my purchase price for a new home?
No, your rent does not count toward or lower the purchase price or any deposit you pay for your new home. This is an important thing to understand about the beyond rent program, it is not a “lease to own” or other similar program where rent paid is applied as a credit to a purchase price. You earn a discount on a purchase price based on how long you rent from us. You are still required to pay rent on your rental unit, as well as pay the purchase price (and all deposits) for your new home. Rent paid is not held by us as a deposit or other credit toward your new home purchase.
What happens if I assign my purchase contract to someone?
The discounts earned in the beyond rent program are personal to you and cannot be assigned to anyone else.
Do I still have to buy a home if I move out of the rental unit?
Yes. The beyond rent program applies to tenants who have signed a legally binding contract to purchase a home from Wesgroup. If you move out of a Wesgroup rental unit before your new home purchase is complete, you are still required to complete your contract, otherwise you risk being in default and, among other things, you may lose the deposit money you paid for your home purchase. Purchasing a new home is a serious decision, and we encourage you to consult with your own lawyer to review and understand the contract of purchase and sale before you sign.
