Buying and Selling
Buying or Selling a home may be
very confusing and you may have a lot of questions, especially, if you are a
first time buyer or seller. I hope that I am able to help you through this
exciting time in your life.
Please click on the below link, I trust this will help
you through the entire purchasing or selling process:
Helpful hints to know when Purchasing:
·
You may choose to go
without a Real Estate Agent. You may find this very confusing or stressful.
Although, a lot of people do it. You may contact our office for a copy of an
Offer to Purchase and some advice on what to do next.
·
You will want the
Surveyor’s Certificate. So make sure you have that as one of the
requirements on your Offer to Purchase. When you are purchasing a home the bank
you have your mortgage through will require this. If you do not receive the
Surveyor’s Certificate you are responsible for providing one. This may
run you at least $300.00 or more. Your bank may accept Title Insurance, it may
seem to be less expensive, however, in the long run it
may be more expensive. It is usually only good for the mortgage you are
signing. If you re-mortgage, sell the property, etc the insurance will not
apply. You will have to purchase it again. Please see the link for further information
on Title Insurance First Canadian Title (Title Insurance).
·
You will have to
provide your full first, middle and last name.
Do you want to appear at Tenant in Common or Joint Tenant. The difference is:
Tenants in Common:
Tenants in Common means that the two or more owners of land each own a specified
fractional interest in the land - for example each owns an undivided one half
interest. When the land is registered the portions that each owner owns must be
specified on the Transfer. If either party dies that person can Will his or her part of the land to someone else. This type
of ownership is more common where two owners are siblings, where each wants to
be able to give his or her interest in the land to his or her spouse or
children, not to the other co-owner.
Joint Tenants:
Joint Tenants each own 100% of the land together, at the
same time. If one owner dies the other owner then owns 100% of the land by him
or herself. The land does not have to go through an estate to be transferred
into the name of the survivor. A document called an Application For Transfer to Surviving Joint Tenant must be prepared, and
registered with Information Services Corporation, the new computerized Land
system, along with a Vital Statistics Death Certificate.
If two spouses own land and both intend to leave their
land to the other if he or she does it can save money in estate costs to have
the land registered in joint names. If land is registered in the name of one
person only, the Province of Saskatchewan, under the Land Titles Act, 2000,
R.S.S. requires that a Grant, such as Letter Probate or Letters of
Administration, be issued by the Court of Queen’s Bench in Saskatchewan,
and that a copy of the Grant, being Letters Probate (or Letters of
Administration in the deceased had no Will) be filed with ISC, along with an
Application for Transmission, transmitting the land into the name of the
executor of Application for Transmission, transmitting the land into the name
of the executor or administrator, before the land can be transferred to a
beneficiary of the estate.
COSTS FOR THE PURCHASER
Registration costs for transfers and mortgages are set by
ISC (Land Titles System). The cost to register title in the name of the
purchaser is 0.3% or $3 per thousand of value of the house. As an example, on a
$150,000 house, the purchaser will pay $450 to have title placed in their name.
Mortgages are subject to a $150 registration fee, as long as there are four
titles or less involved. These are not the legal fees. These costs are charged
by ISC and are payable by the purchaser.
There will be other costs for things such as property
insurance, mortgage application fees, appraisals and home inspections.
COSTS FOR THE SELLER
There is no cost to discharge your mortgage through ISC (Land Titles System). However, ISC does charge the seller disbursements to obtain copies of Titles.
Should you have any questions, please feel free to contact our office.