A condition of purchase is a stipulation a buyer makes to a seller that must be met before finalizing the home sale. Some buyers submit their Offer to Purchase with no conditions, meaning they buy the property as-is, but this is generally only done when purchasing obvious fixer-uppers or if there's a particularly hot market where a buyer has to do so just to remain competitive. Most people have at least a few conditions that they present to a seller during the negotiation period, so buyers should understand how they work before they begin to structure an offer for their City Centre home.
Financing
An offer to buy normally comes with a financial backing of either cash-in-hand or a letter of pre-approval from a bank. While a bank's pre-approval
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Home buyers who make a down payment of less than 20 percent are usually obligated to pay insurance for the mortgage itself. With this information, borrowers can understand how lenders mortgage insurance works, and what they can expect to pay for a home in East Calgary or elsewhere.
Like most major purchases, home buying is a major step in the buyer's life. Between the financial responsibilities, the negotiations, and the seemingly endless numbers of homes to tour, it's common for new home buyers to be unsure about how to get started. However, once buyers know the basics, they'll be far more likely to choose a home that works for them at a price they can afford.
For every similarity that rural and urban homes have in the home buying process, there are a handful of important differences to be aware of. Rural areas offer a lot of benefits, but you have to be prepared for the lifestyle and challenges that come with rural living.
Home inspections are a common part of home buying. But are they really necessary? In almost all cases, the answer is yes. Sometimes your lender will insist upon it. Your home is an investment to them, and they don't want any surprises that will lower the value of that investment. Insurance companies also sometimes require inspections to locate problems which might be a big enough threat to the home their policy is protecting.
Buying a home for a family can be a challenge. To meet the needs of a growing, changing family, a home must be flexible in its layout, large enough for many generations, and safe for everyone from children to older adults.
Condominiums offer many benefits to buyers looking to move out of a rental and into property ownership. Condo living is ideal for anyone downsizing or looking for a property with minimal maintenance. For people asking themselves, “What is a condo?”, a condominium or "condo" actually refers to a specific type of legal ownership versus a style of construction, states the Canada Mortgage and Housing Corporation (CMHC). Potential condo buyers can find condominiums in low-rise residential buildings as well as stacked townhouses, townhouse/rowhouse complexes, and both duplexes and triplexes.
Uttering the words "housing bubble" is enough to make any real estate agent or interested real estate investor shudder. It conjures up images of the great real estate bubble burst of the new Millennium, which ushered in the Great Recession and brought along with it one of the worst housing markets in history.
When you walk into a person's home, you expect to see the young kids running through the house playing games. One spouse may be cooking the family dinner in the kitchen while the other is in the home office finishing up work before the weekend arrives. Yet family dynamics have changed over the past decade. It is no longer frowned upon to see the thirty-something young adult still living at home with their parents or find the aging parents living out their retirement years with their adult children, and when several generations live in one household like this, it is what is called multigenerational living.
