1. Introduction

Welcome to Peace River Lease Option Ltd. (“we,” “our,” or “us”). These Terms and Conditions (“Terms”) govern your access to and use of our services, including the rent-to-own program, leases, and your use of our website, customer portal and other resources. By using our services, you agree to comply with these Terms. If you do not agree, please discontinue use of our services immediately.

Basic leases will be conducted as set out in the lease agreement. Rent to owns will be conducted as follows:

2. Eligibility and Application Process

To participate in our rent-to-own or lease program, you must:

• Be a Canadian resident
• Meet the income, credit, and other requirements outlined in the program
• Provide necessary documentation, including employment history, proof of income, credit reports, and other financial details

We reserve the right to assess your eligibility based on the information provided and to conduct background checks as necessary.

3. Rent-to-Own Program Terms

3.1 Rental Period
The rental period typically ranges from 2 to 3 years, during which you will have the option to purchase the property upon qualifying for a mortgage.

3.2 Lease and Option Agreements
Your participation in the rent-to-own program will be governed by the terms of the lease and option agreements, which outline the payment obligations, property maintenance responsibilities, and the option to purchase terms.

4. Payment Policy

4.1 Accepted Payment Methods
We accept the following payment methods:

• E-transfer
• Checks
• Direct withdrawals (SingleKey is an example of a direct withdrawal service we may use)

Payments must be made according to the lease and option agreements to avoid late fees and penalties.

4.2 Payment Schedule
Most programs involve a combination of one-time payments and monthly payments. Other payment schedules may be negotiable based on your specific situation. Please discuss your options with your Peace River Lease Option representative.

4.3 Application and Initial Option Consideration Payments

Application Fee: An application fee may be charged and is due upon submission of your application. This fee entitles you to the following services:

• Placement in the Peace River Lease Option Ltd. matching pool for a duration of 3 calendar months.
• Working with a mortgage broker or specialist appointed by Peace River Lease Option Ltd. to assess your financial situation and customize a Rent-to-Own Program that fits your financial capabilities.
• Working with a realtor appointed by Peace River Lease Option Ltd. to find a property that suits your financial abilities based on the assessment results.
• The ability to apply the application fee as a credit toward your initial option consideration when the program is finalized.
• The opportunity to physically visit and view up to 12 properties within the 3 calendar months (an average of 1 viewing per week).

By paying the application fee, you acknowledge that you are entering this agreement in good faith and that you are exercising this portion of the commitment freely and voluntarily, without coercion, undue influence, or duress.

• Initial Option Consideration Payment: The first $5,000 of your initial option consideration payment (or the total, whichever is less) is due once you have found a house you would like us to make an offer on and attempt to purchase.
• Remaining Initial Option Consideration Payment: The remaining portion of the initial option consideration payment is due after the inspection and due diligence period, but before conditions are removed and the offer goes firm.

4.4 Late Payment Fees
Payments not received by the due date, as outlined in your lease and option agreements, are subject to late payment fees. Late or missed rent payments may lead to eviction as per the applicable tenancy act.

4.5 Non-Payment Penalties

Non-payment may result in penalties, including:

• Termination of the lease and option to purchase agreement
• Forfeiture of any payments made up to that point
• Reporting to credit agencies, which may negatively impact your credit score

If you encounter payment difficulties, please contact us immediately to discuss options and avoid penalties.

4.6 Refunds and Cancellations

• Refunds: Initial option consideration payments will be refunded if a property offer falls through, less applicable application fees.
• No Refunds After Firm Purchase: Once conditions on the property are removed and the purchase agreement is firm, no refunds will be issued.
• Cancellations: You may choose to move out and walk away from a property before exercising your option to purchase, forfeiting any payments made up to that point. You will not be required to make any of the subsequent payments related to your Lease and Option agreements (the agreements) that are due after your move-out date, and will no longer have the right to purchase the property according to the terms of the agreements.

5. Maintenance Responsibilities

As the tenant-buyer, you are responsible for maintaining the property during the rental period. This includes repairs and regular maintenance to ensure the property remains in good condition.

6. Ownership Terms

Ownership of the property is transferred to you when:

• You qualify for a mortgage
• You exercise your option to purchase the property
• The sale is completed and finalized

Until then, the property remains under the ownership of us and our investing partners.

7. Privacy Policy

Your privacy is important to us. Please review our Privacy Policy, which explains how we collect, use, and protect your personal information. By using our services, you consent to our collection and handling of your information in accordance with the Privacy Policy.

8. Governing Law

These Terms are governed by and construed in accordance with the laws of the Province of British Columbia, Canada, and the applicable guidelines from the Canadian Mortgage and Housing Corporation (CMHC). Any disputes arising under these terms will be subject to the jurisdiction of the courts in the relevant province.

9. Dispute Resolution

• Rental Disputes: Rental disputes are handled through the provincial tenancy board process.
• Other Disputes: Other disputes may be handled through arbitration, mediation, or court if necessary. However, we encourage you to work with our customer service team first, we specialize in working with unique situations and will to attempt to resolve any issues.

10. Changes to the Terms and Conditions

Peace River Lease Option Ltd. reserves the right to modify these Terms and Conditions at any time. Any changes will be posted on our website, and your continued use of our services constitutes acceptance of the updated terms.

11. Contact Information

If you have any questions regarding these Terms and Conditions, please contact us at 

 info@peaceriverleaseoption.ca.

12. Additional Statements

1. Cookies and Tracking Policy

Our website uses cookies and similar tracking technologies to:

• Enhance user experience
• Track referral and advertising performance
• Monitor website usage and improve functionality

By using our website, you consent to the use of cookies. You may manage your cookie preferences through your browser settings, but disabling cookies may affect your experience on our site.

2. Marketing Communication Consent

By providing your contact information, you consent to receive marketing communications from us via email, phone, and text. These communications may include:

• Updates about our rent-to-own program
• Special offers and promotions
• Newsletters and educational content

You may opt-out of marketing communications at any time by following the instructions in the emails or contacting us at info@peaceriverleaseoption.ca.