Hello Lemuel. If you are selling and buying porting your mortgage is one of your options. Porting is the process of moving your mortgage from one property to another. There are 3 different types of ports that can happen when you sell a home and buy another. Each one different. Your mortgage can be either a straight port, port-increase, or port-decrease. The simplest is the straight port where you are moving your mortgage from one property to another with the same amount of mortgage. The rate, remaining term, and amount stay the same, no penalties involved and the process is straightforward as there is no new money involved. The second option is a port increase where you need extra funds for the new home, (this is usually the case if you are buying a more expensive home and have less down payment) In this case the remaining mortgage term is moved to the new property, the mortgage amount is increased and finally the interest rate is blended with today`s available rates. If the rates available today are lower than your interest rate then your rate will be blended and reduced, if the rates are higher today your rate will be blended and increased. I can do a rough calculation for you if you like, see my contact info at the bottom of the reply. The final port is the port-decrease. In this case you need less mortgage than the remaining mortgage amount you currently have. Your mortgage term, and rate get moved to the new property only the mortgage amount is reduced. There may be a penalty involved in this reduction of mortgage. If you are reducing your mortgage amount by greater than the allowable yearly prepayment options that you have signed for on your mortgage documents you may be charged a penalty for the extra reduction. There is one more option that one can consider, if your bank is not going to offer you a good rate on your port (they already got you so they often don`t) then you can always consider a new mortgage at another lender at full discount. It may save you more than your penalty to break, the calculations often tell the tale if it is worth it. I can do these calculations for you if you like and get you information on the lowest rates available today. I hope this information has helped you Lemuel. I can go into more detail if you like, explain further, and do some rough calculations, no obligation if you like. Please don`t hesitate to contact me:Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

As long as there is not too much time between the sale of your existing home and the purchase of the new home most lenders will allow you to port the mortgage. In other-words you keep your existing mortgage and add the extra funds you need to buy the new house on top. The interest rate is a blend between what you have already and the rate at the time for the extra money you need. Now you have one mortgage amount, a blended rate, one mortgage payment and a new house!! -Abraham Niyazi - Easyrate.ca x 115

If your rate is too high you might consider breaking the mortgage and getting one of today`s low rates. I did that and I ended up saving more than my penalty to break my mortgage. And I didn`t miss out on today`s low rate either.

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Basically my partner and his brother own a house together. the brother put it on the market and told the estate agent that he was the sole owner. we only found this out by calling the estate agents. since then the agent in question has tried to update the original contract but the contract tie in term has expired. can the agent still have his percentage when the house is sold ( even if we buy the brother out?) or does the contract become nul and void?

if you are anywhere outside of uk or in scotland cant help but for england and wales there is no way he can sell the house without any reference to your partner if the property is registered in their joint names at the land registry. if its unregistered then a land charge entry should be registered immediately to protect your partner's interest. A sellers home information pack should be in place before the property can even be taken on by an estate agent which will include a copy of the title to the property and this confirms the ownership of the property. Any solicitor acting for a purchaser will pick this up and also the solicitor acting in the sale. your partner will have to sign the contract and also the transfer deed to allow the sale to go through. The solicitor acting in the sale has to have ID for both of them under money laundering rules. if you and your partner buy out his brother the estate agent will not be entitled to his fee as the transaction is not a sale but a transfer of equity

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Our realtor has been horrible for the whole house-selling process. we finally got our house under contract and now her agreement with us expires prior to our close date. do we have to continue working with her since we were contracted with her when the offer came in and throughout the process so far? we are under contract and everything looks like it will reach closing.

No and you have no obligation to. If she hasn't performed as agreed to you have the right to fire her. But since you are under contract now, follow thru on the closing and part ways. Obviously you won't be giving her a good reference.

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I am currently trying to sell my house, but the introductory rate on my mortgage doesn't expire until 31st of dec 2009. if i were to sell my house in september (when i am moving away), i could incur a £3000 early repayment fee, as stated within the terms. i could leave the house empty until december and sell when the introductory rate ends but am reluctant to do this because i feel that house prices may have fallen even more by then. i think the cheapest option would be to sell in september, and continue paying 3 months mortgage at £600 a month, therefore it would only cost me £1800. is it possible to do this (i.e. continue paying the mortage, even though i have sold the house and then pay off all the balance when my introcutory rate ends in january)?

NO the mortgage must be redeemed once th house is sold so your only have 2 options: Delay the sale until the 31/12/2009 and in 99% certainly lose the sale -or_ pay the fee the only alternative is if you have a portable mortgage you can transfer this to a new house you biought on the same day. a mortgage MUST be secured on the property - you cannot have a mortgage without a properrty and you cannot sell a property without clearing the mortgage!

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Here is my issue, basically. my husband and i signed a lease back in december to rent a house. the landlord at the time made no mention of being interested in selling the house. well, right after signing the lease, he says "would you want to buy the house?" we said "no, not right now, our credit is not the greatest". so fast-forward to two months later. he asks us if we want to buy the house, he will give us a "great deal". we look into it, but find that our credit is still a bit too low and we had no down-payment anyway. a few days later, a rain storm hit and buckets of water started pouring out of the ceiling and from a light switch! so we were pretty happy that we didn't buy it anyway. he supposedly fixed the roof, but we still were wary. a week or so later, he tells us that since we are not buying the house, he is putting it on the market. he proceeds to hire a realtor and put a lockbox on the door. a showing company calls anytime a realtor wants to show the house, although i demanded that i be given 24 hours notice. i was pretty angry, but the lease didn't have anything in there saying the landlord could not sell the property. so i told him in no uncertain terms, if he were to sell the place, he has to buy me out of my lease. he said we would "talk about that when the time came" and i said "you better believe it!" the house was only shown once in the past five months but recently there have been more interested buyers, but the showing company calls me constantly harrassing me to show the house, not giving me 24 hours notice, which i flatly refuse to let them come with any less than 24 hours. all in all, it has been a terrible hassle. i wonder if there is anything i can do, such as break the lease early to not have to deal with this constant harassment and intrusion of privacy? and if the landlord does sell before my lease expires, what exactly can i ask for in return? i would think it would be the same as if he broke the lease - he can ask for the entire rent that is left over, as long as he shows that he is trying to rent the property. i would think i should be allowed to collect the remainder of the money from the lease - or another mutually agreeable amount to "buy me out". is what this guy doing legal? i have found lots of stuff on the internet about tenants breaking leases, but not much about landlords breaking them. this guy obviously knew when he rented me the place that he wanted to sell it, and is just trying to make money while he tries to sell. it is shady to me - a neighbor said he has actually been trying to sell it for years! anyway, what can i do, if anything?

When he sells the house, the lease remains in effect. He cannot void the lease, nor can the new owner, nor can you. You cannot force him to buy out your lease. He must give notice to show the property and show only during reasonable hours, but he has every right to sell his property. You cannot demand to be there at the showings, but he cannot refuse you being there either. Edit: If you want to be present at the showings, you need to arrange it in your schedule. You cannot demand that he do the showings around your schedule.

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Hi guys, here's my question. i have a mortgaged home since the last 2 years (jan, 2008 to be precise). i opted for a fixed rate 5 years term, which will expire in 2013 and the rate is 5.9% (fixed). now, i am thinking to sell my house. my question is if there would be any penalty apart from what i owe to the bank? if i sell my house, say for $350,000 and i owe bank $303,000 does it mean i will have a balance of $47000 in hand, or would i incur any penalty as i believe it's the case. i will also contact bank for all details, but want to ask some experts here first to have some opinions. what's the best way to go about in this situation? will i be in loss here? please suggest. thanks in advance.

You would have to look at your mortgage agreement/talk to your lender to determine if it has any pre-payment penalties. Other than a possible lender pre-payment penalty, there wouldn't be any other "penalty" that I can think of.

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I have my house listed with a realty firm for sale. i have it listed for about 80 days and so far no buyers. the economy is tough and we have actually decided that we will rent it to a couple that we know for the next couple of years and hopefully, ride out the storm a bit. i have rented our other house before and i am well aware of the risks associated with renting, so don't waste my time. i need to know the following, can we terminate our contract with the real estate firm and rent it out, without paying any kind of penalty? i think that our contract expires in about 1 month so we might even wait until it expires and see if we get a buyer befrore that. is there normally a time period that you have to wait until after the expiration of the contact that applies if you decide to rent it instead of sell it? our realtor did have an open house and also advertising costs and i would rather not have to reimburse them. i don't have to pay a fee to the realtor for the rental do i? i kow that certain exclusions apply with having to pay the realtor commission even if we sell the house to someone without the aide of the realtor and i think that it applies for a certain period after expiration of the contract but is there any provisions when you rent it out? if anyone has definite information regarding any of my questions then let me know otherwise, don'[t guess and leave a answer of "yes". if there is a broker out there then they should have this information based on the norm. i know that the realtor contacts vary but just reply based on the normal or average realty contract. i really don't think that i have to pay a fee if i find a renter but i am not sure. i think that i might have to pay for the fees associated with advertising the house for sale during the term of the contact if i terminate it prior to the end date but do i have to pay a fee for renting it out?

You are more than welcomed to terminate your contract immediately. For legal reasons, it is always best to mail him a dated copy of the termination of contract notice plus also keep a copy for yourself. To be safe, I usually recommend that it's signed and mailed back to you or you can do all of this in person. There is no rule that you have to keep your current Realtor. In fact, you can fire your Realtor and get another one. Just because you agree to list with a Realtor for X days doesn't mean you have to ride out the contract - it's a huge misconception. The Realtor might want you to reimburse him/her for the amount of money s/he's spent into listing your home (ie: time, advertisement, etc). To be sure about what you're liable for you, you should read your listing agreement with the Realtor. If you get a renter, you are not required to pay the Realtor a thing. Remember that you contracted the Realtor to SELL your home and not rent your home. If you signed a sell or lease agreement, then you might have to pay him/her. But if it's a listing contract to help you sell your home, then you don't have to pay him/her a dime when you have a renter.

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In california, if you have a lease with the previous landlord, and they sell the house, and the lease term has not yet expired, does the new owner have to allow you to remain in the rental unit until the end of the lease? i've heard both yes and no, so i'm curious if anyone can point me to any state of california law/website. in response to the first answer - the lease has no stipulation about the sale of the home. i've read it with a fine tooth comb, as i'm having difficulties with the landlords real estate agent who feels she can show the house whenever she wants, and i haven't even been given written notice the house is for sale (though it is - the sign in the front and the lockbox that showed up are clear indicators). also, it's not foreclosure - yet. i do know foreclosure is different. additional info :) california state law states that if a landlord puts a property up for sale, they are required by law to notify all tenants in writing. also, the home may not be shown without giving the tenant 24 hour advance notice, and only during normal business hours of 9am - 5pm mon - fri. the tenant does have right of refusal if it is necessary (ill family members, etc). again, this information is easily found on the state of california website for tenant/landlord handbooks. it's the lease and transferring it to a new owner that i'm unsure of.

The answer is yes. The lease carries over. The only exceptions would be: (1) foreclosure, or (2) if the lease explicitly stated that it is terminated in the event of the sale of the property. Otherwise, the lease is still binding on both parties.

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Alberta - i have a one year lease expiring in august. there have been issues with my landlord and the basement tenant( the basement suite is illegal) and paying their share of utilities. we have been bickering back and forth for two months with no result. we finally told our landlord if he did nto watn to reimburse us for our 300 in bill money, that we would report the downstairs basement suite to teh city of calgary, who would do an inspection and shut it down. my landlord replied via email if we phoned the city of calgary then he would shut down both units (ours is legal) and sell the house, forcing us to move. which we dont have a problem with but i dont want him forcing us out in a short amount of time, or keeping my cheques for rent i gave him. please, no stupid answers like "just move out" or "nothing you can do" i need to know if this is legal can he do this or are we protected by our lease? there are no terms in the lease except that termination by the landlord needs 3 months notice.

you arent protected by the lease if he sells your out legally

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I'm becoming increasingly disappointed with my agent in terms of selling my house. the positives are that she is great for buying. she also used a professional photographer to take pics and do a virtual tour of my townhouse. she had beautiful flyers made up as well. the problems: the initial ad's wording made no sense (i had to rewrite it)and she listed the link to the tour, but did not have the photo button or virtual tour button to click on the mls site. thus, one would have to copy and paste the link to get to it. i had to call her to get all this corrected. is that really my job? anyway, then the 3 months expires and we relist. again, no picture link etc...contacted her twice and she didn't return my emails nor did she correct the problems. she has not been by to fill up the info tube, drop off anymore brochures, has not called to check in, and stopped giving us buyer's feedback after month 2. it is almost like she's given up, which leaves us discouraged. so, sometimes i think i have high expectations, but what all should a seller expect from his/her agent? also, i have had 4 calls to see my house in the past week, and even with that rise in interest she has not contacted us.

It sounds like you already no the answer. I have a thought, since you have all the answers already to what you want why dont you sell your house by yourself. This will save you the 5% commision they are going to charge you. Besides you have to look at the fine print with dealing with these people make sure it specifically states what they will do for you. Sad thing is there are a ton of bad agents in the market. Most dont have a clue as to what Marketing means. One of my good freinds is a real estate agent. The absolute best agent in the united states lol. She goes above and beyond. Anyway i think you have already answered your own question. You already know what makes a good agent. now the tricky part is finding one if that is the way you want to go.

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I am trying to help a buddy of mine's out. he currently lives in a 2 unit property. he has a lease i believe expires in october. he saw a for sale sign on the house and is tired of having to be shuffled around and start anew (just moved from another house where owner was selling), so he wants to buy his own home. i understand the lnew owner has to honor the lease until october, maybe he wants his/her own people in the apartments, who knows... but is there a way out of the lease due to this hardship? now he has to find a new place to live in another couple of months, and since he wants to buy, he cant take advantage of any good deals on the market. is it just a case of hard luck or is there a way out of the lease..? can tenant/landlord negotiate outside the terms of the lease to allow him to just get his stuff ready and hopefully find a home of his own?

Your friend can certainly ask and try to negotiate, maybe the landlord will work with him. However, there is no hardship here. He signed a lease until October, while the house may be for sale he's going to be able to live there until October, nothing's being breached. You can't get out of a lease by claiming it's an inconvenience to have to move out when it's up.