Frequently Asked Question
Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check.
- Make sure you understand exactly what you’re paying for. …
- Be realistic.
- If something is broken, tell someone immediately.
- Take notice of the location.
- Remember what your priorities are.
- Get advice from professionals
- Check out the entire building.
When buying a brand new condominium, many Buyers are not aware of the unique aspects of closing a pre-construction condominium purchase. CLICK HERE to read more,,,
Property sellers are usually required to disclose negative information about a property. If the seller lied to you and hide any problem/problems, and after some days or months, you spot the problems, then the seller has a liability to fix those defects.
Selling a property “As Is” will usually not exempt a seller from disclosures. We strongly recommend doing a home inspection before buying.
Credit scores in Canada range from 300 – to 900. With a score of 650 or higher, you’ll be able to qualify for more financial products. A score between 650 and 719 is considered good, 720 – 799 is very good and a score of 800 or above is considered excellent.
The lowest rental rates are usually found between October and April, particularly right after the December holiday season (the weather’s bad, schools are in session).
For those with high financial resources, buying is better than renting. Renting comes with a lot more flexibility than buying does. While house prices are rocketing, in general, rents aren’t. This should allow renters to save more money to allow them to afford a better home.
Home warranties are designed to protect your home’s appliances and systems from breakdowns caused by normal wear and tear. Homeowners insurance pays for damages and loss caused by unexpected events such as fire and weather damage, but it won’t help if your washing machine breaks down.
A buyer can back out without any consequences if the purchase agreements have not been signed and the contingency periods have not expired. However, if Buyers back out of a home purchase before closing, they are likely to lose their deposit money.
*Allways, consult with your lawyer/realtor before making any move.
You should fix anything that is a significant safety issue and would cause your home to fail inspection. Any major leaks, infestations, sewage issues, or electrical hazards should be repaired before putting your home on the market, unless you intend to sell for cash.
Generally speaking, It’s recommended that your deposit will be a minimum of 5% of your offer price. The deposit is submitted in the form of a Certified Cheque or Bank Draft (not a personal cheque).
If a seller does not close for any reason, the buyer must show he had the money to close the deal. The proof is a copy of the certified cheque or money order.
Real estate contracts are legally binding, so sellers can’t back out just because they received a better offer or for any other reason. The main exception is when the contract includes a contingency that allows the seller to terminate the sale. Your lawyer will guide you on what to do next.
Don’t do that. TOO RISKY!
BUT if you like “adventure “, start with the following steps:
1) Get the Paperwork Ready. You’re going to need a stack of paperwork prior to the sale.
3) Determine the Value of Your Home.
5) Show Your Home.
6) Considering & Accepting Offers. Good Luck!
MORTGAGE fees and charges
Mortgage fees and down payment Closing costs, down payment amount, and how much mortgage you qualify for, can affect your offer. Here is the breakdown of mortgage closing costs. Here is a list of mortgage costs/charges you can expect when buying a home. Fees The costs banks and mortgage …
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