The closing date of a transaction is the day that the full price is paid and the deed is delivered along with any other necessary details involved in completing the transfer of property. The keys are given over after payment is made and the purchasers take possesion of the property.
Social Media is changing everything including real estate sales
This video deals with special issue when purchasing a house with a wood stove.
A mortgage that can’t be paid out until the term expires. Currently, shorter terms are very common. Conversely, an open mortgage can be paid off early if the purchaser decides to, without incurring any penalties. Rates are higher for open mortgages
A right of land given by a landowner to a third party to make use of the land in a specific way. There may be several easements on your property, including for passage of utility line or poles, sewer or water mains, and even a driveway. Once the right is given, it continues indefinitely, or until released by the party who received it.
TD and CIBC have raised their mortgage rates, other banks will most likely follow, their 5 year fixed rate has risen to 5.44 per cent per anum. In March new reforms are being implemented changing the maximum term for mortgages from 35 years to 30 years, meanig monthly payment will rise. . Mr Alexander chief economist at TD Bank does not esxpect a shock to the housing market rather he sees the housing market going sideways.
The exact distance from the front, back, or side of a lot beyond which construction or improvements may not extend without permission from the proper governmental authority. The building line may be established by a filed plat of subdivision, by building codes, or by zoning ordinances
If you find yourself in the inadvisable situation where you have closed on a new home before you have sold your old one, you may need a short-term bridge loan. Such loans enable you to borrow against the equity that is tied up in your old house until it sells
This figure states, the total yearly cost of a mortgage as expressed by the actual rate of interest paid. The APR includes the base interest rate, points, and any other add-on loan fees and costs. The APR is thus variably higher than the rate of interest that the lender quotes for the mortgage.
The method of paying back a loan by regular periodic payments. The payments are made up of both interest and principal portions. Amortization isn’t to be confused with the term, which is the duration of a mortgage contract. When the amortization ends, the mortgage has been totally paid out but when the term ends, the outstanding balance is due (although most people simply refinance for another term).
