Rent to Own - an agreement between a home owner & tenant where the tenant has the legal option to purchase the property they are renting.

Lease Option - another term used for rent to own.  It's the abbreviated form of the appropriate term lease with option to purchase.

Tenant-Buyer - a person that is renting a house & they have the legal option to purchase the house.

Lessee - a person that rents or leases a house.

Lessor - a person who owns a house and rents or leases it to the lessee.

Option Consideration - an amount of money that is used to purchase the sole rights for a person to have the option to buy a house.  This is put towards the down payment when the person buys the house.

Rent Credit - an amount of the rent that is credited towards purchasing a house.

Equity - the difference between the market value of a property and the amount owing on the property.

Appreciation - the act of a property increasing in value.

FICO -  Fair Isaac Corporation, developer and owner of the leading consumer credit scoring system.

Credit Report - Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy.

Lease Term - The set out period of time that a lease is in effect and binding for both the landlord and the tenant for a leased premises.

NOAs - An annual statement sent by Canada Revenue authorities to taxpayers detailing the amount of income tax they owe. It includes the amount of their tax refund, tax credit and income tax already paid.

T4 Slip - This is a form that you get from your employer with a summary of your earnings & expenses paid out such as unemployment insurance.

T1 General - Individuals with tax payable during a calendar year must use the T1 to file their total income income, from all sources, including employment and self-employment, interest, dividends, and capital gains, rental income.