Terms of Use
Effective date: December 12th, 2024.
1. Applicability. These terms and conditions of service (these "Terms") are the only terms which govern the agreement between you (the “User”) and Rent Fund Inc. (the "RentFund") (RentFund and User referred to collectively herein as the “Parties”).
BY USING RENTFUND (AS DEFINED BELOW), AND BY CLICKING THE “I ACCEPT” CHECKBOX ON THE PREVIOUS WINDOW, YOU ACCEPT AND AGREE TO BE BOUND AND COMPLY WITH THESE TERMS AND OUR PRIVACY POLICY, FOUND AT WWW.RENTFUND.COM/PRIVACY, INCORPORATED HEREIN BY REFERENCE. IF YOU DO NOT AGREE TO THESE TERMS OR THE PRIVACY POLICY, YOU MUST NOT ACCESS OR USE RENTFUND.
2. Users shall sign-up and subscribe to RentFund at the monthly rates set out at: www.rentfund.com/pricing (the “Subscription Fees”). User hereby acknowledges and agrees that RentFund may change the amount of the Subscription Fees from time to time, and that use of RentFund and User ability to receive the Return from RentFund (as defined below), is conditional upon timely and continued payment of Subscription Fees.
2.1 Subscription Plans and Return from RentFund. RentFund offers various Subscription Plans with differing Return from RentFund. Users may upgrade their Subscription Plan at any time. However, to be eligible to receive the full Return from RentFund associated with a specific plan, Users must be subscribed to that plan for a minimum of 24 months. If a User upgrades their plan and has not been subscribed to the new plan for 24 months, the total Return from RentFund amount they would receive over 24 months on that plan will be divided into 24 months. The User will receive a prorated return based on the number of months they have been subscribed to that plan. For example, if a User upgrades to a plan with a higher Return from RentFund but has only been subscribed to that plan for 12 months, they will receive 50% of the total Return from RentFund associated with that plan.
2.2 User hereby consents and agrees to provide all personal information and complete identification verification as requested by RentFund during the RentFund sign-up process. User further acknowledges that such personal information and identification verification is required to obtain Subscription, and that all personal information is collected and maintained pursuant to the RentFund Privacy Policy available at: www.rentfund.com/privacy
2.3 User hereby acknowledges and agrees that Subscription Fees paid by the User are non-refundable, except as provided in Section 4.4 below.
3. Rent Payment Verification. Users may submit documents evidencing rent paid for their primary residential residence (“Rent Payments”) through the RentFund app, available at: app.rentfund.com (the “App”).
3.1 The App shall provide means and direction for User to submit documents from time-to-time evidencing Rent Payments.
3.2 Verification may only be completed for Rent Payments made within the immediately preceding thirty (30) day period. User hereby acknowledges and agrees that verification will not be completed for any Rent Payment made more than thirty (30) days prior to the date documents are submitted for verification.
3.3 RentFund shall review documents submitted pursuant to Section 3.1 herein to verify Rent Payments. Rent Payments that are successfully verified shall be referred to herein as “Verified Rent Payments”.
3.4 User hereby acknowledges and agrees that verification of Rent Payments shall be conducted in the sole and unfettered discretion of RentFund, and that submission of documents pursuant to Section 3.1 herein does not guarantee that Rent Payments will be successfully verified.
3.5 User shall receive notice of successful or unsuccessful Rent Payment verification through the App. If applicable, RentFund may also request additional documentation to verify Rent Payments through the App.
4. Return from RentFund.
4.1 RentFund will provide a Return to Users who meet the eligibility criteria outlined in Section 4.3. The Return from RentFund is calculated based on a variety of factors, including but not limited to:
(a) The number of active RentFund subscribers.
(b) The purchase price of the Qualifying Home Purchase.
(c) The User's chosen Subscription Plan.
(d) Current market conditions.
(e) Location of the purchased property
4.2 The Return from RentFund will be calculated and displayed in the App.
4.3 To be eligible to receive the full amount of their Return from RentFund, Users must: (a) Have a minimum of 24 months of Verified Rent Payments submitted to RentFund.
(b) Be a subscriber to RentFund for a minimum of 24 months.
(c) Be in good standing with RentFund, with all Subscription Fees paid up to date.
4.4 Refund Policy. Users who have not completed a Qualifying Home Purchase using their RentFund are eligible for a full refund of all Subscription Fees paid. To request a refund, the User must notify RentFund in writing through the App that they do not intend to use their RentFund for a Qualifying Home Purchase.
5. Qualifying Home Purchase. A purchase for which the User shall be eligible to receive the Return from RentFund must be a purchase of Residential Real Property (as defined in the Excise Tax Act, RSC 1985, c E-15) that is situated in Canada (a “Qualifying Home Purchase”). For clarity, User shall not be eligible to receive the Return from RentFund for any purchase other than a Qualifying Home Purchase.
5.1 To initiate a request for the Return from RentFund, the User shall submit to RentFund through the App, copies of the fully executed and unconditional purchase contract and any corresponding amendments, addendums, or notices with respect to the Qualifying Home Purchase, as well as any other documentation RentFund may request.
6. Preferred Partners. RentFund maintains a list, available at www.rentfund.com (the “Preferred Partner List”), of preferred partners in three categories (1) Real Estate Agents (each, a “Preferred Agent”); (2) Mortgage Brokers (each, a “Preferred Broker”); and (3) Real Estate Lawyers (each, a “Preferred Lawyer”) (collectively the “Preferred Partners”).
6.1 User hereby acknowledges and agrees that eligibility to receive payment of the Return from RentFund, is expressly conditional upon User retaining the services of three Preferred Partners, one from each of the three categories listed in Section 6 herein, in completing a Qualifying Home Purchase. For clarity, User shall forfeit the right to receive payment of the Return from RentFund if they complete a Qualifying Home Purchase without the services of a Preferred Partner.
6.2 The Preferred Partner List shall be subject to change from time to time at the sole and unfettered discretion of RentFund. Should a Preferred Partner retained by User cease to be a Preferred Partner at any time prior to completion of the Qualifying Home Purchase, the User hereby covenants and agrees that it shall retain a new Preferred Partner from the then-current Preferred Partner List. In no circumstance shall RentFund be liable for any expenses incurred by the User in terminating User's engagement with any previous Preferred Partner pursuant to this Section 6.2.
6.3 User shall promptly notify RentFund of each Preferred Partner retained by the User and shall provide any such documentation confirming these retainers as may be requested by RentFund. User further agrees that RentFund may, at RentFund’s discretion, contact Preferred Partners directly to confirm User’s retainer.
7. Purchasing Queue and Withdrawal Limits.
7.1 Users who meet the eligibility requirements for the Return from RentFund and wish to use it towards a Qualifying Home Purchase will be placed in a purchasing queue.
7.2 RentFund will set a monthly limit on the number of Users who can withdraw their Return from RentFund and proceed with a Qualifying Home Purchase. This limit will be based on various factors including, but not limited to, the number of active RentFund subscribers, available Return from RentFund funds, market conditions, and other relevant factors.
7.3 Users will be notified of their position in the purchasing queue and the estimated waiting time.
7.4 Users who wish to withdraw their Return from RentFund before reaching their position in the queue may do so, but may forfeit a portion or the entirety of their Return from RentFund, at the discretion of RentFund.
8. Profit Sharing.
8.1 Profit sharing from RentFund will be paid out based on the total monthly revenue generated during the month in which the User requests to use their RentFund.
9. Interest Payout.
9.1 RentFund will pay out interest to Users based on the interest generated internally from investments during the applicable month they are requesting to use their RentFund.
10. Term and Termination.
10.1 Term. These Terms shall continue in perpetuity until terminated pursuant to these Terms.
10.2 Termination.
(a) Termination by RentFund: RentFund shall have the right to terminate these Terms upon User’s breach or default with respect to any of User’s representation, obligations, or responsibilities as set out herein. Such termination shall be effective immediately upon written notice to the User, where said breach or default is not reasonably capable of cure in Rent Fund
(b) Termination by User: The User may terminate their subscription and these Terms at any time by providing written notice to RentFund through the App. However, termination does not entitle the User to a refund of any Subscription Fees already paid, except as outlined in Section 4.4.
(c) Effect of Termination: Upon termination of these Terms by either Party, the User will no longer have access to RentFund services, including the ability to submit new Rent Payments for verification or claim the Return from RentFund. Any Verified Rent Payments and accrued Return from RentFund benefits will be forfeited unless otherwise agreed in writing by RentFund.
11. Disclaimer of Warranties.
11.1 RentFund provides its services on an "AS IS" and "AS AVAILABLE" basis. RentFund makes no representations or warranties of any kind, express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non-infringement.
11.2 RentFund does not guarantee the accuracy, completeness, or reliability of any information provided through its platform or that its services will meet the User’s specific requirements or expectations.
12. Limitation of Liability.
12.1 To the fullest extent permitted by law, RentFund shall not be liable for any indirect, incidental, consequential, special, or punitive damages, including but not limited to loss of profits, data, or goodwill, arising out of or in connection with these Terms or the use of RentFund services.
12.2 RentFund’s total liability to the User for any claims arising out of or related to these Terms or RentFund services shall not exceed the total amount of Subscription Fees paid by the User in the twelve (12) months preceding the event giving rise to the claim.
13. Indemnification.
13.1 The User agrees to indemnify, defend, and hold harmless RentFund, its affiliates, officers, directors, employees, agents, and representatives from and against any claims, liabilities, damages, losses, or expenses, including reasonable legal fees, arising out of or in connection with the User's use of RentFund services, breach of these Terms, or violation of any law or the rights of any third party.
14. Governing Law.
14.1 These Terms shall be governed by and construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein, without regard to its conflict of laws principles.
15. Dispute Resolution.
15.1 Any dispute arising out of or in connection with these Terms or the use of RentFund services shall be resolved exclusively through binding arbitration in accordance with the rules of the ADR Institute of Canada, Inc. The arbitration shall take place in Calgary, Alberta, and shall be conducted in English.
16. General Provisions.
16.1 Entire Agreement: These Terms, along with the Privacy Policy, constitute the entire agreement between the Parties and supersede all prior agreements or understandings, whether written or oral.
16.2 Severability: If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
16.3 Waiver: No waiver of any provision or breach of these Terms shall be deemed a waiver of any other provision or subsequent breach.
16.4 Force Majeure: RentFund shall not be liable for any failure or delay in the performance of its obligations due to causes beyond its reasonable control, including but not limited to acts of God, natural disasters, government actions, or labor disputes.
16.5 Assignment: The User may not assign or transfer these Terms or their rights and obligations hereunder without the prior written consent of RentFund. RentFund may assign or transfer these Terms without restriction.
17. Contact Information.
17.1 For questions or concerns regarding these Terms, please contact RentFund at: Email: support@rentfund.com
Mailing Address: RentFund Inc., Suite 2200, 555 - 4th Ave. SW Calgary, Alberta T2P 3E7