The Canadian Real Estate - Glossary of Terms
Posted on Aug 20, 2024 in Contracts in Real Estate
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- Absorption Rate: The rate at which homes in a particular area are sold over a specific period, often used to determine the pace of the market.
- Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on market conditions, also known as a variable-rate mortgage in Canada.
- Amortization Period: The length of time...
Understanding Closing Costs in a Real Estate Transaction
Posted on Aug 02, 2024 in Contracts in Real Estate
When purchasing or selling a property in British Columbia, it’s essential to understand the various costs involved, particularly closing costs. These costs can significantly impact your overall budget and financial planning. This blog will explore what closing costs are, who is responsible for paying them, and how a lawyer handles these expenses.
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A Step-by-Step Guide to a Contract of Purchase and Sale in B.C.
Posted on Jul 27, 2024 in Contracts in Real Estate
Purchasing or selling a property in Victortia, British Columbia (BC) involves various legal steps and documentation. One of the most critical documents in this process is the Contract of Purchase and Sale (CPS). Understanding this contract and the steps involved can help both buyers and sellers navigate the transaction smoothly and ensure all legal...