Home buyers are not required to purchase fire insurance, if the home buyer will be purchasing the property with a mortgage, the lender will require the home buyer to purchase fire insurance.
The RRSP Home Buyers’ Plan is a program offered by the Ontario government to first-time purchasers. It would allow the purchasers to withdraw up to 25,000 of their RRSP investment to be used towards the purchase of their first property.
Tarion warranty is a warranty that is provided by all builders in Ontario to purchasers of newly-constructed homes or condominiums. It protects the purchaser for unauthorized substitutions or major structural damages in their newly-acquired home.
A deed is a legal document, which state who has legal ownership on that real estate property. The deed, or transfer document, is registered at the Land Registry Office where the property is located.
There are different options that spouses have to register the ownership of their property. The most typical option would be joint tenancy. That provides both spouses equal interest in the property and also allows the spouses to have a survivorship right, which means that if one of the spouses dies before the other, that… Read More »
On the day of closing you will receive your keys when the real estate transaction has been finalized. That generally entails that the monies are received by the purchaser’s solicitor and that the registration of the deed has been completed.
You can put conditions in your offer to purchase. The most difficult conditions are a condition on financing, and to make sure that you are eligible to obtain a mortgage to make that purchase. Another typical condition will be a home inspection, to make sure that there aren’t any structural damages to the property… Read More »