Earlier this year, the federal government revealed within their new budget an incentive for first-time home buyers. This incentive is described as the government covering up to 10% of the purchase price of a new home, if the first-time new home buyer meets specific criteria.
There are already a few other first-time home buyer tax credits and benefits available from the government. What makes this one different is the payback plan, and the cost of the property (four times the amount of the applicant’s annual income).
The hope of this new plan is to get more prospective first-time home buyers and turn them into first time home owners by helping them lower the cost of their mortgage. The article, posted by CBC, goes into further details about the plan, including the pros and cons presented by both the banks and federal government officials.
If you are thinking about purchasing a home, it’s important that you have any questions you need answered clarified before you make any final decisions. It’s also vital to have all of your documents from your broker, as well as any lenders, reviewed by a lawyer. If there are any shortcomings or gaps or issues with your documents, it’s important to identify them, and find solutions to resolve them in order to keep the transaction moving.
If you have questions about the home-buying process, your legal rights and obligations, and what role the lawyer plays in the process, contact an experienced real estate lawyer. Getting all the information at the start of the process will help reduce the likelihood of being caught off-guard by any complications that may arise.
