I am selling my house or condo. Do you need any specific documents or information from me?
Yes!
As you begin to pack your personal possessions and documents, please set the following aside [please note that, though we would normally be pleased to obtain some of these documents on your behalf, our office cannot contact and request these documents for you due to privacy restrictions]:
Firstly, we will need a copy of your most recent property tax bill. We ask for this so as to have your assessment roll number, needed for the completion of several relevant documents, as well as to assess the status of the property taxes. Are they paid up-to-date? If not, this will need to be adjusted for. If you do not have a copy of this document accessible, you will need to contact your local municipal tax department in order to obtain a copy.
Secondly, we will need to know if your property is heated by gas or by oil [this would not pertain to those selling a condominium property]. The reason we ask is to account for the possible cost of refilling, for which we will need to re-adjust.
Thirdly, we will need to know if the water is paid on a metered or flat-rate basis. We will only require a copy of the bill if your water is paid on a flat-rate basis. We ask for this information so as to adjust for these payments, if necessary.
Is there a mortgage OR a line of credit on title to the property? If so, we will require a copy of your most recent statement. This document is required so that we might obtain the mortgage number and branch number in order to request a payout statement. Please note that a screenshot of the online banking information will unfortunately not work for this purpose. If you do not receive paper statements, please contact the bank in order to obtain a paper copy of the mortgage information. Once you obtain this document from your bank, you can send it to our office via fax, surface mail, or email. You can also direct the bank to forward the information to our office directly.
I am purchasing a house or condo. Do you need any specific documents or information from me?
Yes!
Firstly, we will need to know if you intend to place a mortgage or line of credit on title to the property. Initially, it would be very useful to know from which financial institution your mortgage or line of credit will be purchased. You will then need to instruct your lender to send us solicitor’s instructions. Please note that we cannot accept mortgage instructions from a broker.
Secondly, if you are purchasing property with another person or other people, do you intend to take title to the property as joint tenants OR tenants in common? How you hold the property is referred to as taking title to the property.
If you hold title as Joint Tenants –
The property is wholly owned by all parties. This means that, upon the death of one owner [usually a spouse], the interest in the property owned by the deceased does not fall into the estate of the deceased. This property will now be owned by the other party [notwithstanding anything contained to the contrary in the last will and testament of the deceased owner]. **A survivorship application will enable the surviving owner to deal with the property [sell the property, etc] without any concerns regarding ownership.
If you hold title as Tenants in Common –
The property is owned in shares by all parties. For example, a property is purchased by son whose mother is also on title. The son owns %98 of the property and the mother owns %2. By mother generously lending her name to title of the property, son might be eligible for financing for which he would be ineligible as a sole owner. This means that on the death of one owner, the percentage interest of the property owned by the deceased will fall into the estate of the deceased. It will not be owned by the other party unless through the last will and testament of the deceased.
Thirdly, in many cases [though more rarely in the case of a condo purchase] our office will require a binder letter from your insurance company. This letter instructs your insurance company to regard your financial institution or lender as a first-loss payee in the case of an accident. This letter must be obtained prior to the closing of most purchase transactions. In order to obtain this letter, simply contact your insurer’s customer service department to request it. This document is commonly requested and the customer service agent should know exactly to which letter you refer.
Finally, are you a first time homebuyer? If so, you may be entitled to certain tax benefits upon completion of your purchase. Please note, however, that a first-time homebuyer has never purchased property in Canada or abroad. If you have purchased property anywhere in the world, you are not a first-time homebuyer.
However, if you still have some questions, you can use the direct contact form from the contact page. Don’t forget to select “Pre purchase question” from the list of subjects.
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