Overmeyer Law

March, Mortgages and Mandates

Mandates

Recent reports indicate that some pandemic restrictions may be lifted soon in Ontario, perhaps on a gradual and phased basis. While there are many considerations before the mandates are lifted, it is refreshing to hear that we are heading towards some normalcy. Precautions still need to be taken to keep everyone safe, however with tools to combat this pandemic, we are hopeful that this global challenge is at least now reduced.

Mortgages

Getting a mortgage pre-approval and ensuring that you have factored in all costs, including closing costs, is critical when it comes to purchasing a property. Purchaser’s should be ready with their financing on the closing date as extensions may not be granted by the seller. Note that you run the risk of losing your deposit and incur further liability, should you be unable to close on closing date and where an extension is not granted.

March

The earth continues its orbit around the sun, which means that spring will be upon us shortly. In the real estate world, the spring market is often regarded as one of the busiest times for buying and selling a home. While housing supply has been hovering at low levels recently, purchasers especially are reminded to ensure that they discuss offers and any required conditions carefully with their realtors to ensure that their interests are protected. Where possible, have the offer reviewed by your real estate lawyer to ensure that you understand the obligations fully whether you are buying or selling property.

September 30 is a new statutory holiday - National Day for Truth and Reconciliation. It applies to all federally regulated public and private workplaces - including banks. This will affect real estate purchase and sale closings. Avoid this as a closing date!