Help and Support

Right to Purchase

A guide to secure your Tricon home purchase opportunity.

Your Right to Purchase Agreement gives you the option to purchase your home during your lease term. If you’re ready to move forward, we’re here to help guide you through each step of the process.

Ready to Exercise Your Right to Purchase?

Step 1:

Get Your Financing Ready

Connect with a mortgage lender of your choice and request a prequalification letter. This shows how much you’re eligible to borrow and gets the ball rolling. Although your mortgage loan will still be subject to the lender’s full review and approval of your loan application, completion of a satisfactory appraisal of the home, and other conditions of your lender, the prequalification letter will give you an initial idea of whether you will be eligible for a mortgage loan in the amount you need to purchase the home.

Step 2:

Let Us Know You’re Ready

Reach out to let us know you’d like to purchase your home. Once we hear from you, we’ll send you two important documents to review and sign:

Exercise Notice – We’ll provide this for you to sign
Purchase Contract – We’ll provide this for you to sign

Step 3:

Secure Your Purchase

After signing your contract, you’ll pay a refundable $1,000 Earnest Money Deposit within 10 days.

Frequently Asked Questions

Getting Started

What is the Right to Purchase Program?

It’s your opportunity to purchase the home you’re already living in, at the price outlined in your Right to Purchase Agreement.

Did the change from Home Partners of America to Tricon affect my Right to Purchase Agreement?

No. Your purchase price, timeline, and all terms remain exactly the same as provided in your lease and Right to Purchase Agreement.

How do I start the process to buy my home?

Get prequalified for a mortgage by a lender of your choice.
Notify Tricon you’d like to exercise your Right to Purchase.
Review and sign the Exercise Notice and Purchase Contract.
After signing, submit a $1,000 Earnest Money Deposit within 10 days of signing the Exercise Notice. Don’t worry, this will be refunded to you at closing.
Complete the purchase process—this usually takes 30–60 days or more.

Where can I find the purchase price?

The purchase price for your home is set out in your Right to Purchase Agreement. This purchase price will be reflected in the purchase contract that you receive from Tricon for your signature.

Does my lease or rental agreement change?

Your current lease remains unchanged while the purchase is being finalized. Keep paying your rent on time during this period. Any overpayments will be returned to you either as a credit to your purchase of the home or as a separate payment.

Do I have to wait until my lease renews to buy my home?

No. You can start the purchase process anytime before your last Renewal Term.

Key Terms

What’s an Exercise Notice?

A document you will receive from Tricon requiring your review and signature, confirming your intent to purchase your home under your Right to Purchase Agreement.

What’s a Purchase Contract?

This is the legal document that spells out all the details of your home purchase. We will prepare and provide this contract for your review and signature.

What’s a Prequalification Letter?

This is a letter from your mortgage lender showing how much you’re pre-approved to borrow. Although you will still need to satisfy the mortgage lender’s requirements to be fully approved for the mortgage loan, the pre-qualification letter will give a general estimate of the budget for your home purchase.

What’s an Earnest Money Deposit?

A $1,000 deposit you pay after signing the Purchase Contract which is refunded to you at closing.

Timeline and Payments

How long does the home purchase process take?

The process usually takes 30–60 calendar days or longer, depending on a variety of factors.

What happens to my rent while I’m buying the home?

Keep paying rent as usual while we finalize everything. If you pay rent beyond your closing date and an outstanding balance is due to you under your Lease, we’ll either credit the amount due to you against the purchase price of your home at closing, or we’ll send you payment separately.

What happens to my security deposit?

Your security deposit either will be credited to the purchase price of your home or will be returned to you separately.

When is the Earnest Money Deposit due?

You have 10 days after signing your Exercise Notice to submit this deposit.

Special Situations

What if I decide not to buy my home?

You’re under no obligation to buy your home. If you decide not to move forward, you can:

Remain in your home under the terms of your current lease,
Switch to a standard Tricon lease at any time if you no longer plan to purchase the home (you’ll lose your purchase option), or
Opt to move out of your home (with at least 60 days’ advance written notice).

Just let us know what works best for you.

What if I change my mind after I sign the Purchase Contract?

If you need to cancel the purchase after signing the Purchase Contract, we can help. You’ll just need to complete the cancellation form we provided to officially withdraw from the Purchase Contract. From there you can:

Remain in your home under the terms of your current lease,
Switch to a standard Tricon lease at any time if you no longer plan to purchase the home (you’ll lose your purchase option), or
Opt to move out of your home (with at least 60 days’ advanced written notice).