A purchaser must first consider whether he or she can afford to buy a home. Financial institutions suggest that no more than 30% of gross income be spent on the purchase of a home. For instance, a person earning a gross income of $1,500.00 per month, should not spend more than $450.00 per month on a mortgage payment and taxes.
Please confirm with our office the proper spelling of your name(s) and whether you wish title to issue in one or more names, either as joint tenants or tenants in common. Joint tenancy means that each party has a 100% ownership in the residence and, if one person dies, the other has complete ownership. Tenancy in common means that each individual owns the property in a certain percentage and each person’s percentage passes onto his or her estate upon death.
Make arrangements with the City of Weyburn, SaskPower, SaskEnergy, SaskTel and Weyburn Cablenet, if applicable, to have all meters read and services transferred into your name, effective on possession date. City Hall must be contacted concerning water and sewer.
It may be necessary to reimburse the seller of the property for taxes paid for that part of the year when the buyer owns the property. For example, if the buyer takes possession on October 1st and the taxes were paid in full for the year, the purchaser will have to repay the seller for the taxes for October.
This is an accounting of the funds in relation to any adjustment to the purchase price (ie: taxes), which is prepared from information provided to us and is believed to be correct. Please read the Statement of Adjustments very carefully to verify its accuracy and notify us immediately of any error.
Fire insurance must be placed on your new home effective as of possession date. We suggest that insurance be effective the day prior to possession date to ensure there is no break in coverage. We will require a confirmation letter from your fire insurance agent that insurance is in place. We will provide you with a form to give to your fire insurance agent.
This is a diagram of the existing buildings and where they are located on the property. Financial institutions frequently require a Surveyor’s Certificate before advancing funds. Title Insurance may satisfy this requirement.
Unless required by you or your financial institution we have not checked zoning requirements of your property or violations of health, fire, building, municipal or provincial bylaws or ordinances. If you are concerned about any of these, you should check with the appropriate municipal or provincial authority.
