ONTARIO REAL ESTATE
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Review of Purchase Agreement
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Complimentary 30 Minute E-Consultation
Property Conveyancing, Title Searching, Easement and Restrictive Covenants
Complimentary 30 Minute E-Consultation
entering into an agreement of purchase & sale
An Orea Agreement of Purchase and Sale is a legal contract between a buyer and a seller.
It is usually initiated by an interested buyer who wants to buy property.
The buyer initiates the first step by submitting an offer to purchase in writing to the seller.
Although potential buyers can write their own offers, it is advisable to have an experienced realtor or lawyer draft the sales agreement so make sure every essential detail is in the offer.
Once the buyer has put in their/ offer to purchase a property, the seller has a certain amount of time to either accept or reject the offer.
During this time, the seller can negotiate their own terms and conditions of the sale. Once the purchase and sale agreement has been accepted and signed by the seller, the agreement becomes legally binding and cannot be broken unless both parties mutually agree.
RESIDENTIAL MORTGAGE REFINANCING
WHAT IS MORTGAGE REFINANCING?
Mortgage refinancing is the process of paying off an existing loan and replacing it with a new loan with different terms than the original mortgage.
Some homeowners refinance their home to;
- obtain a lower interest rate;
- shorten the term of their mortgage;
- convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage (FRM), or the other way around;
- use a home’s equity to finance a large purchase;
- remove someone from the title;
- access funds for investing; or
- consolidate debt.
Some of these reasons have pros and cons, and since refinancing your home can be costly and stressful, homeowners should discern whether their reason for refinancing provides a true benefit.
WHEN SHOULD YOU REFINANCE A MORTGAGE?
Secure a Lower Interest Rate:
Historically, refinancing your mortgage was worth the cost if you could reduce your interest rate by two percent. Now, lenders say one percent savings is enough of an incentive. Doing this also helps you increase the rate at which you build equity in your home and can decrease the amount of your monthly payments.
Shorten Loan Term:
When interest rates drop, homeowners can refinance an existing loan for another loan that has a significantly shorter term. Switching may not change your monthly payments by much.
FRM to ARM:
This motivation can be a sound financial strategy when the interest rate continues to drop. When this happens the periodic rate adjustments on ARMs result in decreasing rates and smaller monthly payments, which eliminates the need to refinance when rates fall. On the other hand, when rates rise, switching to an ARM would be unwise.
Tap Equity & Consolidate Debt:
Refinancing your mortgage may not always be a wise choice, as it can be a slippery slope to never-ending debt. Keep this in mind when considering refinancing for tapping into home equity or consolidating debt. Accessing equity is often done to cover major expenses like a child’s education or home remodelling. Refinancing can also be done to consolidate debt by replacing high-interest debt with a low-interest mortgage. This step, however, should only be taken if you can resist the temptation to spend once the refinancing gets you out of debt. This motivation to refinance your mortgage requires extreme self-control not to repeat the cycle and get into debt once again by using the credit.
DO I NEED A LAWYER TO REFINANCE MY MORTGAGE?
If you want to refinance your mortgage and want assistance into navigating the decision, seeking help from a real estate lawyer is the solution. Since refinancing a mortgage can bring about various legal issues, working with Pettle Law – Real Estate Lawyers is a huge benefit. Our lawyers can help you deal with the availability of mortgage refinancing; foreclosure sales and junior mortgages; expediting the process; negotiating contract terms; and other aspects of mortgage refinancing laws.
@ pettle law
Real Estate Transaction Services
In addition to buying and selling new homes, re-sale residential properties, and condominiums, we also offer the following services:
- Buying or Selling of Commercial Property
- Mortgage Refinancing
- Buying or Selling of the Assets of a Business
- Transfers of Title to Your Spouse or Loved Ones
- Completing Private Mortgage Transactions
- Reviewing and Revising Residential Leases
- Reviewing and Revising Commercial Leases
- Placing Title Insurance on Residential/Commercial Property
- Providing Independent Legal Advice (ILA) on Bank/Mortgage Documents, Separation Agreements, and Other Legal Documents
- Registering Survivorship Applications, Court Orders, Applications (General), and Other Instruments on Title
