Buying or selling a house
Buying or selling property is one of the most important financial decisions you will ever make. It is truly a life changing event — up there with having a child or getting married. This section provides information on purchasing a house, condo, or
retail space, land rights, property taxes, mortgages, and foreclosures.
Frequently asked questions
Title is a legal term meaning registered owner of real property. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. The issue of whose name is on the title is frequently important when one individual is putting up most or all the money for the purchase.
Mortgage insurance gives lenders greater protection from the risk of homebuyers who become unable to repay their mortgage loan. If you are considering purchasing a home with less than a 20 per cent down payment, your lender will require you to arrange the necessary mortgage insurance, commonly called "Mortgage Default Insurance" or "Mortgage Loan Insurance".
Any offer or counter-offer can be withdrawn if there is a time limit on the offer or counter-offer and it passes without being accepted. It can also be withdrawn before the other party formally accepts it (that is, with his or her properly witnessed signature). Once the offer or counter-offer has been formally accepted, however, the buyer and seller are bound legally by its terms.
The Home Buyers' Plan is a federal program that allows first-time homebuyers to withdraw up to $25,000 from their RRSPs on a tax-deferred basis to use toward the purchase of a home in Canada. To qualify as a first-time homebuyer, purchasers must not have lived in a home owned by themselves or their spouses in the last five years.