Download 101 Streetsmart Condo Buying Tips for Canadians by Douglas A. Gray PDF

By Douglas A. Gray

ISBN-10: 0470838124

ISBN-13: 9780470838129

The booklet may disguise all of the key counsel that any residence shopper must be aware of. it'll accomplish that within the structure of one hundred and one tips (or so), segmented less than quite a few headings. it'd be Canadian in content material and fill a big unmet desire available on the market. the next sections are guidance (see additionally the proposal); ultimate content material judgements might be made among writer and editor. part 1: Why Is a house correct for Me? part 2: residence principles and rules part three: Financing a purchase order part four: The residence buy part five: procuring to take a position Appendixes: resources of data Key web pages Checklists word list

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K) Quiet Possession This provision states that unless the mortgagor defaults, the mortgagee will not interfere in any way with the peaceful enjoyment of the property by the mortgagor. In practical terms this means that the mortgagee cannot enter the premises. l) Acceleration Clause This clause states that if the mortgagor defaults on any of the terms of the mortgage agreement, then at the option of the mortgagee the full amount outstanding on the principal of the mortgage plus interest is immediately due and payable.

Frequently, in this latter situation, the lender will require higher owner equity and lower lender debt. Conversely, if the place you are buying is a house or condo in an economically stable community, you would probably obtain a competitive rate. Tip #20: Know the Mortgage Hierarchy This issue is discussed in more detail later in this section. Basically, the security of the mortgage is greater depending on its date of registration relative to other mortgages. A mortgage that is registered first is referred to as a first mortgage, a mortgage that is registered second in line is referred to as a second mortgage, and so on.

I) Prepayment Privileges It is important that you make sure the prepayment privileges are set out clearly in the agreement. j) Assumption of Mortgage Privileges Assumption of mortgage privileges should be set out clearly in the mortgage document. This subject also has been discussed earlier. k) Quiet Possession This provision states that unless the mortgagor defaults, the mortgagee will not interfere in any way with the peaceful enjoyment of the property by the mortgagor. In practical terms this means that the mortgagee cannot enter the premises.

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