FAQs

We will make money when you buy your home with us. But not until you complete the purchase in a few years. If you complete the purchase quickly, we make money faster; if it takes longer to get your bank mortgage, we have to wait with you to get our money out.

So in effect, we’re investing in your home with you. But we are patient investors – if you’re serious about buying and caring for your home, we’re willing to partner and wait with you.

Definitely not. In fact, our rates are as good as the banks. And way better than other alternative lenders. We cover our costs, but we’re investing with you in the rising value of your home, not interest.

Our rates are as good or better than what you see in the papers. BurtonHicks can even do “cash back” for upgrades to your home, such as the furnace, replacement windows, flooring, etc. Because anything that increases the value of your home protects our investment too. It’s a win-win situation.

Very flexible. BurtonHicks can set you up with monthly, bi-monthly or weekly payments – whatever works with your pay schedule. And your payment amount is fixed for up to 5 years. So you don’t have to worry about changing interest rates. (Or your landlord’s rent increases.)

The normal ones when you are a homeowner. The initial costs when you sign the purchase agreement include your down payment, plus legal fees and land transfer taxes. Then there are the usual monthly costs for utilities, property tax and home insurance. We figure out those amounts exactly before we sign the agreement so there won’t be any surprises.

BurtonHicks buys homes through normal channels, which often involves real estate agents who are paid their commissions by the seller. But with our Long-term Agreement for the Sale of Land we will be selling to you directly without a Realtor™, so neither of us will pay real estate sales commission. And because our agreement is a direct sale, we want you to use a real estate lawyer as your assurance that everything is clear and in order from the outset.

Buying a home is a big step, so it’s important to have independent legal advice. Also, because using a long-term purchase agreement is different from the way banks and real estate agencies usually do things, we want you to feel confident about partnering with us.

No. Your purchase agreement sets the price from Day One. So it can’t go up – it’s guaranteed for the life of our agreement. As with any home loan, part of your monthly payment pays down the balance owing and reduces the size of the bank mortgage you’ll need to buy out the contract.

Since BurtonHicks is selling you the home, we hold the title until the sale is completed (i.e. when you buy out the agreement with a regular mortgage). When that happens, we transfer the title to you. Essentially, we’re investment partners with you for a few years until you get that mortgage.

No. Your purchase agreement is a legal contract that guarantees you’re the only buyer involved, so we can’t turn around and sell it to someone else. Because you’re already fulfilling your part of the contract by paying for your home, you’re protected.

No. Your purchase agreement gives you up to 5 years to complete the purchase – usually when you can get a regular bank mortgage. It’s usually to both our advantage to buy it out early, but it’s your call.

No, you are buying the home. It’s just taking a few years to complete the sale, and part of the agreement is that you get to live there in the meantime.

No. You’re the buyer and you’re in the process of purchasing your home on contract. And we aren’t landlords, we’re the seller. But one of our goals is to finance the sale in such a way that it’s as financially comfortable as what you’d expect to pay in market rent + utilities.

We usually have a few ready and waiting. (We have to find good-value starter homes with potential for upgrading in order to make the numbers work.) You can look over our current listings. In terms of location, we have helped families find starter homes across Stratford and the Counties of Perth, Huron and Oxford, depending where our clients work and want to live.

Yes! If you have pre-qualified, we can give you a price range so you can search the market and tell us what you find. We will do an inspection to make sure it is a good deal from our perspective too. Then we would buy the house, sign the long-term purchase agreement with you for the home, make any necessary improvements, and you can move in.

If your needs change, maybe more bedrooms or a bigger yard, then we are prepared to negotiate a transfer of your purchase contract, and the equity you have built up, to a larger home.

Our goal is that you’ll be ready to get a regular mortgage within five years. When the time is right, the mortgage lender will arrange for a market appraisal of the house. Your equity will be the difference between the appraised value and the balance remaining on your home loan with BurtonHicks. Between the market increase and what you’ve been paying off along the way, you should be able to get a normal mortgage through a bank, credit union or trust company.

And remember, the final purchase price of your home in your long-term purchase agreement is fixed – you’ll always know what your purchase price is, no matter how market prices have changed in the meantime.

Not necessarily. You could continue with our financing, but after the fifth year it is usually to your advantage to switch to a bank, trust company or credit union.

Just enjoy your home – we know you’ll take care of it, because it’s the home you’re buying.

Talk to us. You can reach us toll-free at 1-877-393-5505. We’re happy to explain more about why we partner this way, talk about how a house can fit within your own finances, review your needs and the properties we have available, and make an appointment to get together.