Krystal Financial & Real Estate Services, Inc.
Krystal Financial &
Real Estate Services, Inc.

(954) 966-2051
(800) 880-4595

Since 1994

Helping Homeowners

One Family At a Time!

FAQ's

1. How long have you been in business?

Answer: Krystal Financial Services, Inc. was initially incorporated in the State of Florida in October 1994. We are offering our creative, unique and much-sought-after programs to all individuals that truly desire to become homeowners. Since our incorporation, we have assisted many in realizing their ultimate dream of home ownership!

2. Are you a member of the Better Business Bureau?

Answer: Yes. We are a proud member of the Better Business Bureau. We joined the bureau in an effort to further support and enhance the credibility of our creative and unique Lease to Own Purchase Program. We encourage you to contact the bureau and confirm our status.

3. How do I qualify for the program?

Answer: The approval process is quite simple. If you have reliable income with the monthly income to support your payment and you are willing to be honest about your credit and background history, you may very well qualify. We are not like conventional lending institutions; we believe everyone deserves a second—and sometimes a first—chance! Fill in an application—you may surprise yourself!

4. I am new to Florida or the US; can I still qualify?

Answer: Yes. At Krystal Financial Services, Inc we strongly believe that “Everybody Deserves and Has the Right to Own Their Own Home.” We have assisted many in realizing their dream of owning their own home. Just because you arrive with no credit established does not mean you should be penalized. With the assistance of our Credit Counseling Program™, we do our very best to help you establish a good credit rating with all of the credit bureaus.

5. My credit is pretty bad; can I still qualify?

Answer: It really depends on your individual situation. We are not like most financial institutions; we believe in providing everybody with the opportunity to own their own home. All we ask is that you are honest about yourself when you provide us with your credit information. We measure our success on the number of people we are eventually able to assist in qualifying for a conventional mortgage. We look at it this way…if you win, we win; if you fail, we fail.

6. Does it matter if I am self-employed or work on a commission basis?

Answer: Not at all. We have assisted many self-employed and commission-based people to become homeowners. Our qualification process is very flexible and takes into account that your income may not always be guaranteed.

7. What forms of down payment do you accept?

Answer: We will accept any form of certified funds (certified cheque, bank draft or money order) for the initial deposit. If you have equity in a property you are currently selling, we will accept proof of your equity until the property sells. You may have other assets that we would consider on an individual basis. Please speak with a representative to obtain further information.

8. Can I use borrowed funds for my deposit money?

Answer: Yes. Unlike some financial institutions, we believe you are free to choose where you get your down payment from.

9. Do I have to have all of my deposit money up front?

Answer: No. Depending on the property and your personal credit situation, we may accept a payment schedule that is stretched over a number of months. Each application is reviewed and approved on an individual basis.

10. How long does the paperwork take?

Answer: If you have submitted a completed application, it usually takes only 1-2 business days to approve. We require spouses and common-law spouses to complete a separate application, as this will ultimately improve your chances of being approved. If your application is approved and we have received your Initial Option Deposit confirming your commitment to purchase, we then forward an itemized list of what you will need to bring with you when you sign the lease contract. Once you have verified that everything is acceptable to you, we will arrange a time for you to come into our office and sign the enrollment agreement. It really is that simple!

11. What do I do when my lease term is up?

Answer: When your lease term expires, you have a number of options to choose from. Please refer to the Program Details for more information.

12. How do I qualify for conventional financing?

Answer: To qualify for conventional financing, you must meet the lending institutions’ qualifications. These qualifications can vary depending on the institute you are dealing with. We will help you to achieve this ultimate goal with our Credit Counseling Program™ and Down Payment Assistance Program™. We will provide you with a personalized plan in order to assist you in achieving your ultimate dream of home ownership!

13. How quickly can I move into the property?

Answer: You can move into the property as soon as the Lease to Own contract has been signed and you have provided us with the required Lease Option Deposit.

If purchasing a property through our You Find It, We Buy It Purchase Program™ or our Purchase Commitment Program™, you may take possession as soon as we gain legal possession of the property.

14. Is the purchase price negotiable?

Answer: No, the purchase price is not negotiable; however, the terms and conditions of the published monthly payments are somewhat negotiable. It depends on how much down payment you have to work with. We review and approve each application on an individual basis.

15. May I renovate or improve the property?

Answer: Yes, you have the right to renovate or improve the look of your property.

Renovations can add significant value to your investment and will increase your equity. Remember, you are not just renting the property; you have an ownership stake in the property.

All we ask is that you respect the property and complete any job in a professional manner. We also ask that you obtain approval in advance for any structural changes (such as removing a wall or including an addition), as there may be legal or structural issues surrounding a major change of this nature.

16. Who pays for the regular maintenance of the property?

Answer: You do. You will be the direct beneficiary of any improvements you make, as they will increase the value of your investment. As you benefit from improvements you make, so are you also responsible for your home’s maintenance. Please remember that all homes require periodic maintenance, so this should be budgeted for when considering the monthly payments.

17. Can I have pets?

Answer: Yes. You can have as many pets as you wish. Remember, you are not just renting, you have an ownership stake in the property.

18. Do I have to live in the property or can I rent it out?

Answer: You do not have to live in the property and may place a tenant into a property if you wish. Please note: you will still be fully responsible under the terms and conditions of the lease contract that you sign with us. You will also be responsible for all maintenance, repairs and damages that may occur.

19. Who pays for property taxes, insurance and condo fees?

Answer: All our payment plans are all inclusive: structural (building) insurance, property taxes and condo fees (if applicable) are included. This service is provided by us to ensure all payments are made in a timely manner.

20. What happens if I want to move during the Lease to Own term?

Answer: If you wish to move during the term of the agreement you have several options:

Rent the property to a tenant or a relative. Keep in mind, you are still legally responsible under the terms and conditions of the Lease to Own contract that you signed.
You may want to consider our Home Trade Buy Back Program™. This program provides you with the opportunity to sell the home back to us at full market value without the hassles of listing your home with a realtor or a FSBO (For Sale by Owner) listing agency.

21. Can I sell the property?

Answer: Yes. You will be able to sell your interest in the home as long as you have met all of the terms and conditions and your obligations of the lease contract. Krystal Financial & Real Estate Services, Inc. reserves first right of refusal on any property that a Lease to Own client wishes to sell.

22. What happens if I am unable to make my monthly payment?

Answer: As with any lending institution, we require that you honour all obligations under the terms and conditions of our Lease to Own contract. You must pay the correct amount on time. If you fail to do so, you will be considered to be in “default” under the terms and conditions of the contract.

If you default, we reserve the right to immediately commence legal proceedings to recover and secure our interests in the property. If this happens, you may lose all equitable interest in the property, including but not limited to: initial and additional option deposits, monthly option credits, etc. We will also be entitled to recover any and all legal costs that we may incur.

We know this sounds serious, so we would like to ensure you are fully aware and clearly understand both our and your rights and obligations under the terms and conditions of the contract before you sign.

23. What happens if I choose to “walk away” from the agreement?

Answer: If at any time during the term of the agreement you choose to “walk away” from your obligations, you will lose any and all equitable interest in the property and will be responsible for any and all additional expenses that may be incurred on our behalf.

24. Can I arrange to have a certified home inspection before signing the agreement?

Answer: Yes. Once we have received your Initial Option Deposit, you will be provided with the opportunity to have the property inspected. Please note, should the inspection uncover minor deficiencies, the purchase price of the home will not be adjusted. If a major structural or mechanical deficiency is uncovered, you have the right to receive a full refund of your deposit—no questions asked.

25. Is my initial deposit refundable if I change my mind?

Answer: No. Your Initial Option Deposit is not refundable if you change your mind. It is refundable if we do not approve your application, or if a certified house inspection uncovers some major structural or mechanical deficiency.

26. Will you purchase a home if I find one that I want?

Answer: We will only purchase a home you find if you qualify for our You Find It, We Buy It Purchase Program™; otherwise, you must purchase from our Property Listings inventory or enroll in our Purchase Commitment Program™.

27. Is there a warranty or guarantee on the property?

Answer: We do not provide any type of warranty or guarantee on our properties. We have most of our properties inspected by a certified inspector at the time we purchase them. We will gladly provide you with a copy (if available) of the inspection report upon request.

You do have the right to have the property inspected independently after we have received your Initial Option Deposit. The cost of this inspection will be your responsibility. Your Initial Option Deposit is fully refundable if a major structural or mechanical deficiency is uncovered. We will not negotiate the purchase price or provide refunds for minor deficiencies or cosmetic issues that may be uncovered.