Terms

Welcome to RentFund! We're excited to help you turn your rent into a down payment for your dream home. Please carefully read and understand the following terms of use before using our mobile application. 

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1. Overview of RentFund:

RentFund is a company that facilitates the conversion of your rent payments into a down payment for a home. Our mobile application allows users to access this unique offer. Members are required to verify their rent payments each month through the mobile application to receive their 5% cashback credit.

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2. RentFund Members:

RentFund Members refers to users who have opted to enroll in the unique savings program offered by RentFund by paying a monthly or yearly membership fee. As RentFund Members, individuals gain exclusive access to a range of benefits, including participation in the innovative savings program.

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Key features of RentFund Membership include:

1. Access to Unique Savings Program: Members are granted access to a specialized savings program designed to help them benefit financially from their rent payments.
2. Flexible Membership Terms: Members have the flexibility to choose between monthly or yearly membership plans, adapting to their individual preferences and financial circumstances.
3. Cancellation without Loss of Savings: RentFund Members retain the option to cancel their membership at any time. Importantly, the cancellation process does not result in the loss of accumulated savings within their RentFund account, ensuring that members can still use their funds without penalty.
4. Rent Payment Verification Privileges: Exclusive to members, the ability to verify rent payments is a crucial feature. This verification process ensures the accuracy and legitimacy of rent transactions, contributing to a secure and transparent financial environment.
5. Account Deletion Consideration: Members are advised that while canceling their membership does not lead to loss of savings, deleting their account may result in the forfeiture of accrued benefits. Therefore, careful consideration is recommended before opting for account deletion.

RentFund Members actively contribute to the collaborative and supportive community fostered by RentFund, benefiting from financial tools and resources tailored to help them accomplish their goals.

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3. Cashback Credit:

RentFund agrees to provide a 5% cashback credit on each verified rent payment. This credit can be utilized exclusively for a down payment on a home purchase through RentFund's preferred partners.

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4. Preferred Partners:

Preferred Partners are essential collaborators within the RentFund platform, comprising a network of trusted professionals crucial to the home purchase process. RentFund members are encouraged to engage with these partners to avail exclusive benefits, particularly a 5% cashback credit upon successful home purchase. This incentive is designed to enhance the financial advantages for RentFund members and foster a seamless home-buying experience.

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Key features of Preferred Partners include:

1. Cashback Credit Incentive: RentFund members who choose to make their home purchase through Preferred Partners are eligible to receive their accumulated 5% cashback credit. This credit serves as a valuable financial benefit to support members in their homeownership journey.
2. Dynamic Partner Network: RentFund is committed to continuously expanding and updating its network of Preferred Partners to ensure members have access to a diverse range of services. The partners encompass real estate agents, mortgage brokers, and real estate lawyers, collectively offering comprehensive support throughout the home-buying process.
3. Service Quality Assurance: RentFund meticulously selects Preferred Partners based on their reputation, expertise, and commitment to providing exceptional service. This ensures that RentFund members receive high-quality assistance when navigating the complexities of purchasing a home.
4. Mandatory Partner Engagement: To qualify for the 5% cashback credit, RentFund members are required to engage with Preferred Partners for their real estate transactions, including real estate agents, mortgage brokers, and real estate lawyers. Failure to utilize these partners may result in the forfeiture of the cashback credit.
5. Voiding of Cashback Credit: RentFund reserves the right to void the 5% cashback credit if the home purchase is not facilitated through the specified Preferred Partners. This measure is in place to reinforce the importance of utilizing the designated partners and to maintain the integrity of the cashback incentive.

Preferred Partners play a pivotal role in RentFund's commitment to offering valuable benefits and support to its members throughout the home-buying process.

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5. Cash Back Guarantee:

Cash Back Guarantee is an assurance from RentFund that members will receive the 5% cashback credit, provided they follow all the terms and conditions outlined in the agreement. RentFund is committed to delivering this financial benefit to all our members who fulfill their obligations as per the specified terms.

Key features of the Cash Back Guarantee include:

1. Guaranteed Cashback Credit: RentFund guarantees the availability of the 5% cashback credit to members who adhere to the terms and conditions detailed in the agreement.
2. Member Obligations: Members are required to fulfill all the obligations and conditions outlined in the agreement to qualify for the guaranteed cashback credit. This may include engagement with preferred partners, timely payments, and compliance with other specified criteria.
3. Transparent Terms: RentFund ensures transparency by clearly communicating the terms and conditions governing the Cash Back Guarantee. Members are encouraged to review these terms to understand the requirements for eligibility.
4. Fulfillment of Guarantee: As long as members diligently follow the outlined terms and conditions, RentFund is obligated to fulfill the Cash Back Guarantee by providing the specified cashback credit.
5. Cash Out Conditions: Members can only withdraw the cashback money when they have successfully found and are in the process of buying a home through RentFund's preferred partners, including real estate agents, mortgage brokers, and real estate lawyers.
6. Payment Form: The cashback payment will be sent in the form of a down payment for the purchase of the home. This ensures that the financial benefit directly contributes to the member's home buying process.

This updated definition reflects the commitment of RentFund to provide a guaranteed cashback credit, contingent on members meeting their responsibilities as outlined in the agreement.

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6. Cash Back Credit Usage:

The 5% cash back credit can only be used as a down payment on a home that is 100 times the credit value. For example, if you have $5,000 in cash back credit, you qualify to purchase a home valued at $500,000 or more ($5,000 x 100 = $500,000). All other funds earned using RentFund are accessible and can be used however users see fit.

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7. User Verification:

To participate, users are required to undergo identity verification. This includes providing a government-issued photo ID and a selfie. Additionally, users must link their bank account to verify rent payments or provide alternative documentation such as a lease agreement, rental property details, payment history, and bank statements.

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8.Payment Verification:

Payment Verification is a process implemented by RentFund to ensure the accuracy and legitimacy of payments made by users. Under this system, users are required to verify their payments within a specified time period corresponding to the month in which the payment was initiated. For instance, if a payment is made on January 1st, 2024, the user is granted the entire month of January to complete the verification process.

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The purpose of Payment Verification is to enhance security, prevent fraudulent activities, and maintain transparency in financial transactions within the RentFund platform. Users are encouraged to promptly verify their payments through designated channels to confirm the successful completion of the transaction and to resolve any potential discrepancies. Failure to complete the Payment Verification within the stipulated time frame may result in temporary account restrictions or other measures to safeguard the integrity of the RentFund platform. This process not only protects users but also contributes to a trustworthy and reliable payment ecosystem within RentFund.

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9. Privacy and Security:

RentFund prioritizes the privacy and security of user information. All personal data collected during the verification process will be handled in accordance with our Privacy Policy.

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10. Use of Mobile Application:

The RentFund mobile application is the primary platform for accessing our services. Users are responsible for keeping their login credentials secure and must comply with the application's terms of use.

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11. Modification of Terms:

RentFund reserves the right to modify these terms at any time. Users will be notified of changes, and continued use of the service after modifications constitute acceptance of the updated terms.

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12. Termination of Service:

RentFund may terminate or suspend a user's access to the service at its discretion, especially in cases of violation of these terms or fraudulent activity.

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13. Contact Information: 

If you have any questions or concerns regarding these Terms, please contact us at support@rentfund.ca. 

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By using the RentFund App, you acknowledge that you have read, understood, and agreed to these Terms of Use.

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Thank you for choosing RentFund!