(For complete details on exit scenarios for SKYIRE HomePlan, please refer to the SKYIRE HomePlan Exit Scenario tables at the bottom of this page.)
Congratulations! You are now ready to become the registered owner on title to your own home. Your next steps depend on which purchase option you chose:
1) Participation Option
If you chose the Participation Option, you would earn a share of the mortgage pay down and proportionally participate in any market value appreciation of the home. When the time comes to exercise your Right-to-Purchase, you will notify your SKYIRE HomePlan contact that you are ready to purchase (close) on your home. The HomePlan investor will be notified that you are exercising your Right-to-Purchase option and two independent market evaluation appraisals will be done on the home. A Completion Form will be sent to you that includes the final purchase price (based upon the two independent appraisals) and the accumulated credit you have earned through your monthly payments.
Your SKYIRE HomePlan contact will coordinate a final closing date between you and the HomePlan investor. A notice is provided to the law office handling the title transfer/mortgage registration and will include a calculation of closing proceeds.
The final step for the SKYIRE HomePlan program includes the home being registered in your name and then you are officially a homeowner!
2) Fixed-Price Option
If you chose the Fixed-Price Option, you would have known from day one what the final purchase price of your home will be. This price was determined by an analysis of the real estate market conditions in the area where you bought your home. Typically, the value increase per year will range from 2.5% to 4% annually, but may be higher, depending on the market in which the home is located. Once you have accumulated enough equity in the property and are ready to take title of your home, the steps involved in exercising of your Right-to-Purchase is similar to the Participation Option.