If you are planning to create a new house or purchase an old one, you should make sure that you have a plan B.
While we cannot provide legal advice about buying or selling in your province or any other country, we have found the following information to be helpful:
The Canadian Real Estate Association (CREA) has a listing of Canadian real estate regulations, their website has links to both the National Real Estate Association of Saskatchewan in Saskatchewan, Alberta and Quebec and the National Real Estate Association of New Brunswick.
The Real Estate Council of B.C. has their website where you can locate a contact person and see listings and contact information for the local councils.
Real estate agents, the real estate board and the Real Estate Institute of B.C. (REINB) are also good resources.
What if the lender approves the sale, but doesn’t provide a down payment?
There is still uncertainty on whether or not the lender will offer a down payment on a new loan or mortgage. If the lender doesn’t offer that extra money, you might have to continue to work through the home buying process, which would certainly prolong the life of the home. The following is a quick way to review what the lender might accept down payment from:
The lender will usually ask for 25% of the value of the home, however, many lenders can only offer a 20% down payment. If one does not agree to receive a 20% down payment they are free to decline the loan and pursue selling the home at a low sale price.
To learn how a new loan could affect home prices, consider checking out the section titled Loan Repayment
What should I expect from the seller?
Your house is almost like a piece of art, and the seller is going to offer you various gifts for your first home sale. Sometimes you may only be allowed to buy a number of items for the first home sale. Afterwards, you’re bound to see your home listed on one of the many online and brick-and-mortar auction websites.
What type of insurance do I need?
Insurance is essential so that you do not experience unexpected damages in a car accident or a house fire at your first home sale. Insure your vehicle through a commercial auto insurance provider and/or a motor home insurance provider.
If you purchase a home through a broker, this may come with a higher premium, however, you can also find quotes online for
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