by Manvir Singh Basra | Oct 11, 2023
An assignment sale occurs when a purchaser of a pre-construction property decides to sell their right to buy the property (the purchase agreement) to another party before the property is completed. The original purchaser essentially assigns their contract to a new...
by Manvir Singh Basra | Oct 11, 2023
The cooling period, also known as the rescission period, is a specific timeframe during which a buyer of a pre-construction property has the right to cancel the purchase agreement without penalties. This period provides buyers with an opportunity to reconsider their...
by Manvir Singh Basra | Oct 28, 2023
In the Canadian real estate industry, CREA stands for the Canadian Real Estate Association. CREA is a leading organization that represents real estate brokers, agents, and salespeople across Canada. It plays a crucial role in advocating for the interests of its...
by Manvir Singh Basra | Oct 14, 2023
In Ontario, development charges and levies refer to fees that are imposed by municipal or regional governments on new developments, including pre-construction projects such as residential or commercial buildings. These charges are intended to offset the costs incurred...
by Manvir Singh Basra | Sep 18, 2023
GDS – Gross Debt Service – It is a financial metric used by lenders to assess a borrower’s ability to afford a mortgage. GDS represents the percentage of a borrower’s gross income that is used to cover housing-related expenses, including...
