Buying an investment property is a popular option for Canadians looking at different ways to invest their money.What's in the purchase and sale agreement?
Posted by Steve Harmer on
Most purchase and sale agreements come in standard formats, with standard clauses, and are drafted by the builder or real estate board. There are generally spaces throughout the agreement for additional, customized clauses to be added.
It is recommended to have a lawyer review your offer to purchase before you sign it. Regrettably, relatively few people do this, because they either don’t realize they should, perceive it to be an unnecessary or costly legal expense, or could cause delay that could cause a purchase to be lost to someone else, or otherwise kill the deal.
Alternatively, rather than seeing a lawyer before submitting an offer to purchase, some people may wish to insert a condition that states the offer is subject to approval as to form…
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The Canadian Real Estate Association has updated its forecast for 2016, with two provinces expected to lead the way.
Two out of three adult Canadians do not have a will. One out of four Canadians will die suddenly. You can’t take the risk that the Canada Revenue Agency or your provincial government will end up with your money because of poor tax planning and lack of a will. However, there are some classic pitfalls to avoid when preparing your will and doing your estate planning.
While some move to Canada to be with family members or for gainful employment, many others emigrate here to escape difficult situations in their home nations. Regardless of the motivation for moving, owning a piece of property is both a huge point of pride, and one of the most sought-after components of establishing a home in a new country.
Hot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.
Study after study suggests that Canadians are having a tough time paying off their mortgages, as debt levels continue to hit record levels year after year. Why?
It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.
Foreign owners made up a bigger share of the condominium markets in Toronto and Vancouver over the last year, according to the nation’s housing agency.