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Oct 8, 2024 · When you’re ready to make an offer on a house, your agent will draw up the necessary paperwork, typically referred to as a Real Estate Purchase Agreement, though its name differs across the country. According to Canada Mortgage and Housing Corp., your offer documents must include the following specific details in order to be valid: Your legal ...
- Real Estate Terms: RE/MAX Home Buyer’s Glossary - RE/MAX Canada
High-Ratio Mortgage. A high-ratio mortgage is a mortgage...
- Real Estate Terms: RE/MAX Home Buyer’s Glossary - RE/MAX Canada
Aug 22, 2023 · 3. Price, deposit and method of payment. The promise to purchase form should state the financing conditions as well as the sale price. The form must indicate whether the seller expects a deposit, the amount, and what will happen if the contract is cancelled. It should also note if the sale price includes taxes or not.
Aug 8, 2022 · Financing. You, the buyer, must be able to get specific financing from a lending institution. If you can’t secure the loan, you will not be bound by the contract. Home inspection. The property ...
When you’ve found the home you want to buy, it’s time to make an offer to the seller. Your offer must include: your legal name, the name of the seller and the address of the property. the amount you’re offering to pay (the purchase price) and the amount of your deposit. any extra items you want included in the purchase (for example ...
Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
Sep 12, 2023 · High-Ratio Mortgage. A high-ratio mortgage is a mortgage where the borrower has less than 20% of the home’s purchase price to make as the down payment. A high-ratio mortgage with a down payment between 5% and 19% of the purchase price requires mortgage loan insurance. In Canada, 5 percent is the minimum amount required for the down payment.
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Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
