Real Estate Blog

Home Buying Contract ClausesWhen a buyer makes an offer on a home, they'll usually include a number of clauses in the contract. These clauses, also known as contingencies, help protect the buyer at various stages of the home buying process. These clauses enable the buyer to walk away from the deal penalty-free, if certain conditions are not met. These protections enable the home buyer to determine for certain that the house they want to buy is right for them.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Home Sale Contingency

The home sale contingency is the clause that states the purchase of the house will only go through if the buyer is able to sell their existing home.

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What Is LMI and How Much Does It Cost New Homeowners?Lenders Mortgage Insurance (LMI) is a specific type of insurance policy provided to lenders to protect them. It's offered just in case the lender defaults on their payments. Learn more about when it's required, why lenders insist on it, and how homeowners can release their responsibility from its payments.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

The Basics of LMI

LMI is not paid to the insurance company directly by the homeowner. Instead, a homeowner will pay the lender the cost of the policy, and the lender will turn around and pay the insurance company to keep the policy going. As a general rule, all homeowners who are unable to produce a 20%

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The Home Warranty: What a Homeowner Needs to KnowThere are a number of great ways to protect a home and the investment in it. A lot of these ways can be handled by the homeowner themselves, through maintenance of the home after they purchase it and due diligence during the buying process. But there are some other things that can also be done, and they could go a long way toward making sure a surprise problem doesn't cause a big financial issue for someone who has recently purchased a new home. One of these protective options is a home warranty. Here's what homeowners should know about these.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Do Home Warranties Offer?

A home warranty is a good way

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Tips for Buying a Brand-New HomeA brand new home is often a symbol for hopeful homeowners who can't wait to start a new life with a clean slate. However, buying a newly constructed home means playing by a slightly different playbook than traditional home purchases. For a better chance at keeping the whole process in perspective, it's time to plan ahead with the following tips.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Schedules and Deadlines

Construction crews will usually do everything in their power to keep to their original schedule, but there may be unexpected weather delays that derail the completion date of the home. In addition, different provinces may enforce their

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Canadian Tax Concerns When Selling a Vacation HomeThey say the two happiest days spent in a vacation home are the day it's purchased and the day it's sold. While deciding that it's time to sell a vacation home can be a relief in many ways, there are also a few factors that need attention for a smooth sale with no surprises. Top among these are the tax considerations of the sale. Knowing what to expect in advance when selling a home can help avoid unexpected tax issues later on.

For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.

Is It a Primary or Secondary Residence?

In Canada, a family can typically only consider one residence their primary residence. In most cases, this will be the place where the owners spend at

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Important Mortgage Facts to Know When Buying a Vacation HomeThe idea of having a separate home to go to when taking a vacation can be really exciting. But for anyone who plans to do this and who plans to buy that home with a mortgage loan, there is important information they need to have. Mortgages for vacation homes are not going to be quite the same as loans for first homes, so asking all the right questions before signing on the dotted line can help prevent significant misunderstandings. Here are the main things any vacation home buyer should know when they start looking for a second home and a mortgage to go with it.

In most cases, the mortgage rates for vacation homes are higher than they are for homes that are occupied as primary dwellings. There are several reasons for that, with one of those

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Foundation Damage Information For HomeownersFoundation damage can cause serious problems with a home if it's not identified and repaired in its early stages. It's important for homeowners to be able to determine when a home has foundation damage. Knowing the signs, what to do and how to get the home repaired can help.

Warning Signs of Foundation Damage

Foundation damage is frequently subtle, and sometimes the warning signs can be difficult to detect. Often it takes a homeowner with a good eye or intuition to determine that their home's foundation has a problem. Some of the most common warning signs of foundation trouble include:

Cracks in the Foundation

Foundations can develop cracks, even if the foundation is in good condition. However, cracks that are wider than 1/2 of a

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5 Ways to Downsize Without CompromiseHomeowners may have any number of reasons to downsize to a smaller home. Whether it's to save money or because the household has shrunk in size, purchasing a new, smaller home can be a wonderful decision for home buyers. This checklist can help future homeowners think about what they will need in a new home, and how they can meet their home-buying needs.

List Reasons for Downsizing

Everyone has a different reason they want to downsize their living arrangements, and all are valid choices. When buyers are honest with themselves about the reasons they want to buy a smaller home, they can make selecting the right property that much easier. People may be looking for:

  • Less space to clean or maintain
  • Exterior property maintenance services
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Selling Papers Are a Necessary Part of a Home SaleSelling a home requires concentration, attention to detail, and assembling a lot of necessary documentation. It can be daunting, but knowing what is needed, and when, makes the task easier. Listing a home is, in many ways, just the beginning of the process, and whether a seller works with a professional real estate agent or takes on the task personally, it helps to organize the legal papers early in the home selling process.

It should be simple to gather the necessary paperwork in a binder or folder, and make arrangements to either convey copies or the originals (as needed) to the real estate agent and/or legal representative prior to or soon after listing the property. Some of the documents are required for legal purposes; other information is of

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Which Popular Flooring Option Is Best For Your Home?When remodeling a home, there are many different options available on the market for replacing a floor. No matter what a homeowner wants, whether it’s an environmentally-friendly alternative or something that fits a tight budget, there’s an option for every need. For Waterways homeowners who are preparing to sell their home, fixing up a fixer-upper, or anything in between, here are some of the different flooring options available on the market today.

Advantages of Hardwood Floors

Hardwood is often considered to have a timeless look that will never go out of style. It’s easy to clean, durable enough to endure kids and pets, and can last 25 years or longer. While it’s true that hardwood floors typically have a higher price than other flooring

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