By Douglas A. Gray
The publication could conceal the entire key counsel that any condominium shopper must understand. it's going to achieve this within the layout of a hundred and one suggestions (or so), segmented below quite a few headings. it'd be Canadian in content material and fill an immense unmet desire available to buy. the subsequent sections are directions (see additionally the proposal); ultimate content material judgements could be made among writer and editor. part 1: Why Is a condo correct for Me? part 2: condo ideas and rules part three: Financing a purchase order part four: The house buy part five: purchasing to take a position Appendixes: assets of data Key web content Checklists word list
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Extra info for 101 Streetsmart Condo Buying Tips for Canadians
Normally a lender will not grant a mortgage on leasehold property unless the duration of the lease is of sufﬁcient length that the risk is fairly minimal to the lender. For example, if a condominium is on leasehold land with a 99-year lease and there are 85 years left on the lease, then there is relatively little risk to the lender. On the other hand, if the leasehold is for a 30-year period and there are ﬁve years left on the lease, the lender will consider the risk too high, because at the end of the ﬁveyear period the lease will expire and therefore there is no right or entitlement to Financing Strategies for Your Condo 45 the leasehold interest.
Term of the Mortgage The term of the mortgage is the length of time the mortgagee will lend you the money. Terms may vary from 6 months to 10 years. If the amortization period was 25 years, that would mean that you have several different mortgages, possibly 10 to 20 separate terms, before you have completely paid off the loan.
Although the laws may be different from one province to another, the description of a mortgage outlined in this book applies to most mortgages. The method of mortgage registration and the enforcement laws are the main areas of variation between provinces. Some of the common clauses in a mortgage are discussed next. The difference between the amount that the condominium could be sold for and what you still owe on your mortgages is referred to as your equity. The quicker you pay down your principal, the more equity you will have.