You can also take your mortgage with you to the next home if you are buying and selling. Its called porting your mortgage. If your current mortgage rate is lower than today`s mortgage rates it is a good idea to ask your bank to do the calculations for you. If your rate on your current mortgage is higher it usually makes sense to break it and take a lower rate for the new mortgage. Contact us to find out your options. Abraham Niyazi - Mortgage Agent - Easyrate.ca - 416-993-4082

Hello Stephanie, when you sell your house your mortgage must be paid out with the proceeds from sale. If you are not buying another property (and taking another mortgage) you may be subject to penalties for breaking your mortgage before the mortgage term is complete. If you took an open mortgage penalties are not usually required to pay out early. If you are buying a new home (and need another mortgage) you can move your mortgage to the new home as a port-increase, port-decrease, or straight port. This way you will not have to break your mortgage agreement and avoid penalties. Anytime you are negotiating a new mortgage with a lender you should always consider shopping around. Mortgages are the largest debt that the average person will ever require in their lifetime and that means that your mortgage rate should be the one you take the closest look at when it comes time to move or renew your mortgage term. If you, or any reader, would like to discus any of this in more detail please don`t hesitate to contact me, no obligation. I would be happy to give you an idea of the lowest rates available to my clients as well if you need a new mortgage. 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.

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I'm renting a house, in ca, 12-month lease. the owner is trying to sell the house. how long will i have to move out when someday the owner tells me "the house is sold" ?

I'm in the exact same situation right now - in a lease, but the owner is trying to sell. All the answers above saying that they CAN'T kick you out are absolutely right. They can't, for any reason, unless you break the lease. Ideally only an investor would buy the property. On the other hand, if a buyer is interested but would want to move into the property, they can negotiate with you for you to move out earlier. You don't have to do this at all, but if you do want to move then it's a good option. They can give you 30days (if you agree) or you can negotiate something else together (such as, you saying "I'll move out as soon as I find somewhere else") Of course, bottom line is the new owner would have absolutely no right to break your lease. That's even if someone buys - we had our first 'open house' yesterday and no body showed up. How's that for karma? haha good luck :D

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I am above 60 years. i want to sell my house which i inherited from my father and move to a rented house. how much capital gain tax do i have to pay on the sold amount, and is there some way to reduce the tax %.

There are too many details that you left out to give you an answer. Long term Capital Gains Tax is up to 15% not 30%. Remember, that a paid for house or a house with a small fixed rate mortgage is less expensive, monthly, than most rents. Rents tend to go up every year or two while the mortgage payment, on a fixed rate mortgage, does not. For instance: 1..What was the value of the property when you inherited it ? 2. What is the value now? The Capital Gain is the difference between the value of the house when you inherited it and the amount that you get when you sell it. Capital Gains is not figured on the total selling price of the house. The house may not have any Capital Gain due to the recent drop in the housing market. If you have had the house for less than 6 months, there is generally no Capital Gain. But if you have had the house for a year or less then any short term Capital Gain is taxed at your ordinary income tax rate up to 35%. If it is your residence and you have had it for more than one year, it is taxed at either 5% or 15% depending on your tax bracket.

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I have been wanting to move in with my boyfriend for ages we live 1 /12 hours apart. i have a house with a mortgage. i gave up my job and got a new one to move closer to him and lived with relatives but was still paying my mortgage and bills for my house. my relatives could not afford for me to stay there anymore so i had to move back to my house i got a job then got laid off after 3 weeks. im a single mum as well. so im now redundant with a child wanting to move in with my boyfriend but cant sell or seem to rent my house to enable me to move. i have been stuck like this now for a year we have been together for 2 1/2 years my boyfriend needs to stay where he is as its good money (but not good enough for mortgage bils and rent then bills if we rented) and a family firm. im getting really upset about it and want to get a job but my head is all over the place!! i also cant make a quick sale as i have only owned it for 2 years there isnot enough equity in it!

You have limited options here: Sell the house. You might have to pay to get out of it, but there you are. Rent it. Even if you have to kick in a bit every month, rent it out. Stay put. We've all been in long idstance relationships, 1 1/2 hours away is not that big of a deal. If you have survived doing it this long, you can handle it awhile longer while you sort this out.

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We have a 1 yr lease in the house we are living. our landlord has decided to place the house for sale. he's also trying to force us to move out by telling us he considers the lease voided, even though all our rent has been paid in full on time, and we are following all the portions of the lease. we are required to allow the house to be shown with 24 hours notification, but the real estate agency has not given us any notification for all but one showing. seeing that my sister is on controlled medications and is immuno-suppressed, we feel strongly about this notification to protect her health (she lives with us and is on the lease). the owner says because we require the notification we are voiding the lease but the lease states that we must be notified 24 hours in advance unless we waive that right, which we have not. we still have 6 months left of the lease. the cost of moving is too great for us to move at this time, and he's given us no incentive to give up our lease. the real estate agent is not even informing prospective buyers that we have a lease and we have told him we do. he has also put our phone number on the house listing without consulting us and is now on vacation and unreachable. what options do we have?

I'm not a lawyer, so this isn't legal advice. For legal advice, consult a lawyer. However: If you have a valid lease, then you and the landlord must adhere to the terms of the lease throughout the term of the lease. Simply put, that means that if you haven't violated the lease (through non-payment of rent, for example), then your lease runs until its end. And that applies even if the house is sold. So, if it's sold in 2 months, the new owner is still bound by the terms of your lease. You say the landlord considers the lease voided. Some people consider the earth flat. It doesn't make them right, and it doesn't make your landlord right. Just because your landlord wants to sell the house does not give him the right to void the lease. (Unless it's already written into the lease that an attempt to sell the property voids the lease, and that's very, very unlikely. Read the lease.) So, what do you do? First the lease also specifies what reasonable notice must be given. It could be 24 hours; it's often either 24 or 48 hours except in cases of emergency. That's the right of the landlord. On the other hand, it also protects you. You have the right to deny access to real estate agents (or others) on less than 24 hours notice. Find out whether the MLS listing specifies 24 hour notice. It may. Honestly, many Realtors ignore such requests. Often, they'll meet with a client, show them listings, and the clients are ready to view the listings right away. They're not interested in waiting for 24 hours, so the Realtor can't/won't give the requested notice. It's not "right," but that's the way it works. However, make sure the MLS listing is very clear about the 24 hour notice. You can probably find the listing online. If not, any Realtor will be glad to do it for you. Unfortunately, the real estate agent works for your landlord, not for you. So the decision whether to put your phone number in the listing isn't under your control. However, it's actually a good idea to do so. That way, there aren't extra parties involved if a Realtor tries to schedule an appointment. As for the agent being on vacation and unreachable, he may be on vacation but he's definitely reachable. An agent's cell phone is his/her lifeline. And if you can't reach the agent (remembering, you have no contractual standing with the agent), call the agent's managing broker. Insider's Tip: One of the things that frustrates real estate agents the most is an inability to show a property when they want. Another thing that frustrates them is to have the property not show well, or to have people there when it's being shown. If you play tough but legal (requiring 24 hours notice or you don't allow someone through the door, and if maybe when the property is shown you're still there, maybe cooking some fragrant food (curry is particularly pungent), those agents will soon let the listing agent know of the problems. That may pressure the owner to observe the terms and conditions of the lease. Talk to a lawyer for further guidance. Hope that helps.

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We have got into a bit of financial trouble and are selling our house to move into rented accomodation. in what order do things get paid on completion - do solicitors take their fees first and then pay off the mortgage or will we end up owing the solicitor money if we sell for less than our outstanding mortgage?

Usually estate agents take a percentage of the selling price...which if you think about it, is astronomical !!!! Can you imagine just 1% ? that's £3,000 !!! I would strongly advise those new website offering to sell your house privately. They charge a fix fee, usually around £500 to £1000. Sometimes charge only when the sale is completed, and sometimes they often offer "For Sale" board for free. http://www.londonlettingagency.com/sell.html

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We have equity gained from a repayment mortgage, deposit plus the rise in prices since we bought our flat in sw london 3 years ago. we want to move to a bigger property but i'm concerned that we will be buying at the very top of the market, and that interest rates are not too favourable right now. rents have been pretty stable for the last few years, and it seems a cheaper short-term option to rent until house prices drop. is this advisable?

personally i always think it best not to get off the property ladder once your on, you might not be able to get back on it again. why waste all the money on rent anyway? remember when this happened before and loads of people were selling houses and renting a few years back - i always think i wonder what they did because they must be very disapointed becasue they never did drop. im no property expert but thats what id do.

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We want to start buying a a house to flip but how do you start? you buy the house and you move in while rehabilitate it to sell or you keep paying rent and the mortgage until the house sell? any experience investor and how do you start?

It is NOT a good time to flip houses. Flipping houses is a thing of the past when the housing market was booming.

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What is california tenants rights. the house am renting is for sell and my lease is over. and now is month to? what is california tenants rights.? the house am renting is for sell and my lease was over on 9/10/10. and now is month to month. my landlord's agent made me sign a document stating :- notice of sale and entry.- you are hereby notified that the landlord is selling the premises. pursuant yo california civil code § 1954, for the next 120 days, the landlord (or the landlord's agent(s)) may now enter the premises during normal business hours with 24 hours oral notice to show the premises to prospective or actual purchasers. now what should i do? do i also have to give him 30 day notice if i need to move out? lets say i found a house to move in the next day, should i move out without writing a notice to my landlord? and i also have a section 8 program voucher, and this is through anaheim housing low income assistance program for low-income people. the anaheim housing low income assistance program they also need a 30 day notice from me when am moving out. and their policy is one notice goes to the landlord and one goes to the anaheim housing low income. so i am confused here. some people they are telling you can just move out without giving notice to my landlord cause landlord is the selling the house and that he already gave me notice. but the anaheim housing their policy it says ....... very confused can anyone help me out please! thanks whoever is willing i truly appreciate thanks.

The notice is pretty clear. Your tenancy continues month to month until you OR the landlord (or the NEW owner) gives you 30 days notice. The landlord might be willing to let you move sooner, but doesn't have to, it's 30 days. If you give or get notice let your housing agency know as soon as possible.

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I am paying rent for a house that's owned by my sister and there is no lease involved. she just sold the house and she told me i have 15 days to get out. what is the illinois law on this? i think it's 30 days isn't it?

I would think a month would be the standard (shortest amount of time given to vacate).

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You're going to get a confusing range of answers here because you haven't said where the property is...UK? USA? Australia?