Work with Brokerage who will invest time in your future
Home Seller Loan Programme
Real estate market is running on all cylinders! Are you thinking about selling? Let us give you up to $25,000 to put towards those renovations you’ve been putting off. Here is how it works! We meet and discuss renovations — YOU choose your own contractors! We loan you up to $25,000. The renovations help you get TOP DOLLARS for your home and the money gets paid back at closing. No Interest. No Payments.
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Home Seller's loan Loan Program
- Maximum Loan: $25,000 interest-free for 90 days
- Sellers agrees enter into exclusive agreement to sell the home for the length of interest free loan term.
- Brokerage or its representative to approve the contractor
- Payment made directly to the contractor by Brokerage
- All renovations to be approved by the Brokerage or its representative
- A promissory note and sellers direction to solicitor to be signed prior to any contracts or commencement of renovations
- Solicitor to acknowledge the direction. Sellers to pay all legal fees.
- Term of loan 90 days from the signing of renovation agreement.
- Standard mortgage terms to be signed by the homeowner at the time of acknowledging the loan and mortgage commitment
- Seller agrees to have solicitor register a 1st or 2nd mortgage for term of ONE year, interest-only mortgage . Sellers agree to pay all legal fees.
- The seller must list the home on MLS for term of ONE year with the Brokerage or its representative during the term of the renovation loan or during the term of the mortgage .
- Loan is interest free for the first 90 days and seller agrees to sell and close the deal of the property within 120 days with the help of Brokerage.
- The interest rate of 12 % per annum, retroactive in the event the home is not sold or if the seller removes the home from the market, then the loan becomes due at once.
- Brokerage real estate Commission rate to be 5 % plus HST.
- If the sellers are buying a home to move into after selling the current home, Seller must buy their next home with the help of the brokerage or its representative.