BUYING A HOME

1. Price: 
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.

2. Manner of Ownership:
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.

3. Utilities:
Make arrangements with the City of Weyburn, SaskPower, SaskEnergy, SaskTel and your cable provider, 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.

4. Taxes: 
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.

5. Statement of Adjustments:
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.

6. Fire Insurance: 
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.

7. Surveyors Certificate:
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.

8. Zoning:
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. 

9. Life Insuring your Mortgage:
This type of insurance will pay off the mortgage in the event of the death of the policyholder. Remember that mortgage life insurance is not the same as CMHC mortgage loan insurance.

10. Possession:
Your real estate agent should obtain all available keys (you may also wish to consider changing the locks on your new house). It is wise to do an inspection of the property with your real estate agent to ensure that it is in the same condition as it was on the date you signed your Offer to Purchase. If there is a problem, satisfactory arrangements will have to be made to repair or replace items. If such arrangements cannot be made, the only remedy available is to commence a court action for compensation. There can be no hold back from your purchase funds to cover damaged or missing articles.

11. Acreage: 
If purchasing an acreage, you should thoroughly check the septic tank and drinking water.

FORMS:
Warning: The forms below are made available to you free of charge.  Therefore, any printing, storing, copying or other use of these forms constitutes an agreement by you that you waive any claim that you may ever have now or in the future against NSWB Law Firm, their employees, partners and associates in any way relating to the copying and use of such forms.  
You are urged to read through the Contract or Agreement form(s) carefully and ensure that you fully understand it before using it.  Changes, additions or specific legal advice may be needed to ensure it suits your needs.  Generic forms cannot suit every situation.  These forms are for existing Saskatchewan residential properties and farmland only.  The forms are not applicable to new construction or commercial property.
The information on this webpage is general in nature only. It relates to the province of Saskatchewan, Canada and may not be applicable in your jurisdiction. It does not constitute legal advice to you and no solicitor-client relationship will be established.  You should seek specific legal advice regarding your circumstances from a lawyer entitled to practice law in your jurisdiction.

Residential Contract with Property Condition Disclosure Statement

Farm Agreement For Sale