u/M-Sear

Location: Ontario, Canada

Dilemma:

I am single and buying a condo with my parents. Purpose is to secure my future and me having a roof over my head and not being dependent on anyone.

Lawyer is suggesting we set the ownership as below:

My parents having 99% ownership- Joint Tenants and myself having 1% ownership- Common. My parents will follow it up with a will naming me to inherit the property.

This way if i end up getting married and divorced, this property would be excluded from division of assets.

Being a first time home buyer in Canada is the most difficult thing, so many hurdles and complications. I have been reading even with a will in place, the procedure is not going to be that simple …there will be probate fees which can add up to be alot.

FYI! I am not at all worried about my parents changing their mind or having any creditors.

Do you guys have an opinion or suggestions on this?

Wire transferred to Lawyer for closing amount: downpayment and fees.

I feel sick 🤢 since yesterdsay when i received the closing amount. No surprises as such but just the thought of ALL your money leaving your account is too much to stomach.

I have 1K left in saving and have about 10K USD which i decided to keep for another week or so and wl get it converted later. We are 3 owners; Me and my parents. My parents have the emergency funds/backup amount.

I feel so restless.

Had our pdi today and i felt completely rushed. Within barely an hour they included intro, hvac/plumbing walk thru and viewing parking and locker.

I did mention it to the manager who was assisting us but he kept stressing this is not the only time we get to view and report.

I am just feeling very uncomfortable about this.

This is our first ever purchase and i feel it has been the hardest thing ever from start till now. So many haphazards, obstacles.

I don’t want to offend the manager either as he is the one we will be dealing with. And like they say if you are not on good terms they will not budge. I was told by sales and project manager to report the mark on balcony but pdi guy said its not within their domain.

Had our pdi today and i felt completely rushed. Within barely an hour they included intro, hvac/plumbing walk thru and viewing parking and locker.

I did mention it to the manager who was assisting us but he kept stressing this is not the only time we get to view and report.

I am just feeling very uncomfortable about this.

This is our first ever purchase and i feel it has been the hardest thing ever from start till now. So many haphazards, obstacles.

I don’t want to offend the manager either as he is the one we will be dealing with. And like they say if you are not on good terms they will not budge. I was told by sales and project manager to report the mark on balcony but pdi guy said its not within their domain.

What are some of the things i should make sure to check?

Me, single, and my senior parents have bought a condo. I have done 70% of the downpayment and will cover the monthly mortgage as well. My parents will take care of other fees like maintenance (1/3rd of mortgage monthy fees already) taxes, bills and grocerries. The condo is bought for my future security to have a place of my own and all of ours ease to avoid being on rent and moving every few years.

The lawyer is suggesting for ownership to do my parents as Joint and tenants and having 99% share and myself only 1%, and to be followed with a will from my parents that i would own the condo if both pass away. This was suggested to avoid any martial disputes, if i were to get married.

I am quite confused though and asked my lawyer that isnt it that whatever asset/property you make before marriage, that is not to be divided between spouses if you are getting divorced. He said no everything gets divided so this is his suggestion to avoid it. Although i don’t see marriage happening and def no divorce 🙈😅.

What do you guys suggest? How much does a will cost and will it fully protect me?

Don’t worry about my parents backstabbing me, they are not that kind of people. They already gifted our family home, back home, to my name this year and its value is around $300,000 K+.

I have gone for 4.04-3 years fixed but just out of curiosity i am wondering where do you all see variable vs fixed in coming months/next year?

My bro wanted me to take Variable but me and my dad decided to go for fixed for peace of mind. We are still ok with our decision, there is a cost for everything and we paid for stability.

I am an overthinker and i am trying to estimate how much loss this can potentially cause me. This in itself would tell why i avoid going for variable, lol.

It is saying that it can be dropped to 2.5-2.75 but i highly doubt it. What are your thoughts?

Based on future projections, what is better to keep in savings; CAD or USD. It’s not going to be much but worth around CAD 5K.

If one can afford to pay weekly, do you see benefits of it over biweekly and others?

Also i am very curious what are the basis of “accelerated” payments. How are they calculated?

Why?!

So i was just introduced to getting a heloc with our mortgage. Redittors all voted for me to go for it. I had made up a set of questions for the mortgage rep from Bank. As we were starting on those, the rebate was bought up and he told me those who are getting hst rebate from builder won’t be eligible to get a heloc at this time.

I was confused as i don’t see the connection there. He said builders have put that as a clause. I was in hurry for an appointment but now i am wondering why?!

Looking at economic situation, what would you say is better?

I am leaning towards 3 years but just wanted to know your alls views on this.

a bedroom? It does not have a window or door. A door can be put up though.

Just curious.

Came across a post with a ridiculously small space being advertised as a room for rent. So it just made me curious.

Carrying forward from my last previous post on Heloc.

Hi ABC,
I have prepared some questions on heloc which i am sharing ahead so we can go through these quickly.

Can a HELOC be added later if we decide we need one? If so, would there be any additional fees or costs to set it up at that time?

You already confirmed our mortgage rate would apply for HELOC as well. Are there any ongoing fees or regular charges if the HELOC is set up but not being used?

You mentioned if we use **K of our approved ***K, we can get *K of heloc. So as we pay down the mortgage principal, the available HELOC amount will increases by that? And we are able to withdraw from that anytime. However wanted to confirm does the interest only incur after a month like is the case with credit cards?

If we port or end the mortgage in the future, are there any discharge, cancellation, or porting fees associated with the HELOC as well?

Can the HELOC be closed at any time without penalty?

Are there any other considerations or potential complications with having a HELOC in place? I don’t anticipate needing one, but I’m considering it as an emergency option and want to understand the pros and cons before deciding.

————————

Phew! Let me know if this looks right 😚😚😚.

What are the benefits to it?

It will be my first mortgage and someone just advised me to look into it. I have read about it online but ofcourse wanted to know from those who have personally used it.

Are there any drawbacks?

For some context, i have bought a condo and going fixed with RBC, Closing in mid August.

What are the benefits to it?

It will be my first mortgage and someone just advised me to look into it. I have read about it online but ofcourse wanted to know from those who have personally used it.

Are there any drawbacks?

For some context, i have bought a condo and going fixed with RBC, Closing in mid August.

What are the benefits to it?

It will be my first mortgage and someone just advised me to look into it. I have read about it online but ofcourse wanted to know from those who have personally used it.

Are there any drawbacks?

For some context, i have bought a condo and going for 3 years fixed rate with RBC. Closing in mid August.

What are the benefits to it?

It will be my first mortgage and someone just advised me to look into it. I have read about it online but ofcourse wanted to know from those who have personally used it.

Are there any drawbacks?

For some context, i have bought a condo and going for 3 years fixed rate with RBC. Closing in mid August.

So i have bought a condo, deal is firm now and i close in a month’s time. I am very risk averse and didn’t want to invest/buy esp at this time. However you can say i had to either buy or go on rent, currently i am living in family house which is no longer viable to stay in. It’s me and my senior parents who will be residing in the condo. We are doing 50% downpayment and I am doing 70% of it. For monthly we will do 50:50 but the condo will be willed to me. I am not worried about any of that as i share a very comfortable relationship with my parents. So while i understand people might feel compelled to post cautioning me but that is not at all a concern.

We had to do a condo because 1) it feels safer esp if i have to live alone 2) while i could have gotten a townhome in similiar price range (also better appreciation) but it would have meant getting something bit far, compromising on comfort as wud have afforded only 3 storeys not 2 storeys.

I am also scared what if prices fall further etc and the risks associated with it. But there is cost of everything, waiting could mean we loose on condos we like and in our prefered location. So we have gone through all this but i still feel i made the decision under alot of pressure and it is not an ideal condo or the one i liked better.

I am just feeling restless 🥹.

What is the going rent for each? And if we are to buy one with a condo, what would be EV’s premium over regular?

Location: Milton, Canada.