<  Rent-To-Own

Closing Process

1. Contract Changes Deadline
Panatch Group is no longer accepting changes to the colour scheme selections.

2. Legal Information Form
We do not require your lawyer/notary’s contact information until your official Completion Date which will be 2 years after your Early Possession Date. We will be keeping you up to date prior to your move-in date with Early Possession Notices.

3. 60 Day Notice
Two months prior to receiving our building occupancy permit, we will send your first Early Possession Notice. We will ensure to include a list of commonly asked questions in order to assist you in planning your upcoming move.

4. 30 Day Notice
One month prior to receiving our building occupancy permit, we will send your second Early Possession Notice. This update will provide information about the timeline, outlining your upcoming inspection and home orientation and any actions you need to take at this time in preparation for your move in day.

5. Inspection and Orientation
This is your opportunity to be able to view your home prior to moving day. A Panatch Group representative will be in touch with you in order to book your orientation appointment. Your orientation will be done with a Panatch Group representative who will familiarize you with the functions and finer details of your new home.

6. Notice of Early Possession
Once we have been granted an Occupancy Permit from the City of Port Moody, an official Early Possession Date will be determined. A formal notification will be communicated to you no later than 14 days before your Early Possession Date. On or before your Early Possession Date, your final deposit will be required.

7. Payment of Monthly Installments
On or before the Early Possession Date, you will provide Panatch Group with 24 post-dated cheques payable to “50 Electronic (Residential) Limited Partnership” for each monthly installment or you can participate in a pre-authorized payment plan. If you wish to participate in the pre-authorized payment plan, please contact us at kate@50electronicave.com to request a copy of this form.

8. Purchasing Your Home
2 years after your Early Possession Date, you will take steps to complete the purchase of your home. If you decide not to move forward with purchasing the home, you will be required to give written notice to the Developer no less than 60 days prior to the Completion Date. We will need to know who will be representing you through the completion stage of your purchase and will be sending you a standard form to complete. Ideally, you will want to look into financing no later than 3 months prior to your Completion Date. Once your pre-approval is in place, your accumulated monthly installments and deposit funds will be applied to the final purchase of your home.

9. Statement of Adjustments
The Statement of Adjustments is a document that your lawyer or notary will prepare at the time of closing. It will outline the financial details of your home purchase and will include the balance of your purchase price. This will be paid at the time of Completion – 24 months after your Early Possession Date.

10. Completion
The Completion Date is the date you pay for your home and the title is transferred into your name. As you will already be living in your home.