You’re planning on buying your very first home in the near future. You have heard of a promise to purchase (formerly known as an offer to purchase) and you are wondering what its purpose is. Here are the main details.
The promise to purchase is the result of a series of exchanges and promises between the future home buyer and the current homeowner. All the details are written down in this document. The promise to purchase is an agreement, which defines the ground rules between the two parties. If conditions are set forth, the deadlines should be clearly stated and the parties undertake to fulfill them.
The promise to purchase is an important document because, as the title states, you commit to buy the property, but under certain conditions set forth on either side. These conditions are laid down in writing in this document.
The promise to purchase is the step that comes right before the deed of sale, which is the famous contract that officially declares you the owner of the coveted house. Just about every detail written down in the promise to purchase will be found in the deed of sale. The content is very similar. Continue reading →
Selling your home in less than a year and selling it for the desired price is the dream of every homeowner looking to sell his or her property. How to make it happen? Here is an overview.
The asking price must be reasonable from the beginning. Setting it too high in the hopes of making a huge profit is the worst thing you can do. All professionals will tell you: properties that have been on the market for too long frighten the buyers away. They’ll back off.
A classic way to set the asking price is to look at the selling price of the similar homes nearby. But, this method is not foolproof. The houses on the street may look the same, but you don’t know their history, their overall condition inside and out or the upgrades that have been carried out over the years.
The municipal assessment gives an idea of how much a house should sell, but this method has its limits too.
Avoid setting the price according to your own judgment. What if the house is worth more than you had guessed? Otherwise, be realistic. Your house is not a mansion.
The real estate broker is highly qualified to determine the selling price for obvious reasons. However, by doing business with an accredited appraiser, you’ll end up with an appraisal report. It will come in handy when negotiating with the future buyer.
Once you have set the asking price, establish the lowest price you would be willing to accept. Your real estate broker will help you with this step.
The statement is taken from a book that contains the predictions of a French scientific committee and it’s serious.
Baby boomers will not live on bridges, but their children might. At least according to the book Les 50 innovations qui vont bouleverser notre vie d’ici 2050 (The 50 innovations that will change our life by 2050).
It won’t be the first time in history. Building on bridges was common practice in the Middle Ages and the Renaissance. Take the Rialto Bridge in Venice and the Ponte Vecchio in Florence. But they are small bridges, or giant walkways, depending on how you look at it.
Canada’s housing market rebounded in 2013 from the effects of stricter mortgage rules the previous year. In most regions, sales rose moderately above past-decade norms, supported by low interest rates and falling unemployment. Home builders kept pace with demand, encouraged by new household formation and steady price gains.
If 29% of Quebecers who are on the verge of selling their home or who have already sold it to a new owner didn’t know the various mortgage loan options available in 2010, the percentage decreased to 6% in 2011. This means that Quebecers are now better able to make enlightened choices in terms of mortgage investment.
These findings were published in the last TD Canada Trust report on experienced home buyers. Continue reading →
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