Anyone buying and selling Real Estate in the Annapolis Valley will notice some recent change in the process. Due to the new Anti-Money Laundering Legislation that the Government of Canada put into effect June 23, 2008, you will be required to show two pieces of ID at the signing of any documents. The information is held at our office and would only be seen by a government official from FINTRAC. This is information that you will also be required to give your lawyer, although lawyers are exempt from these FINTRAC requirements, the Barristers Society incorporated the requirement into their own rules.  

Other changes are with the financial institutions. CMHC has now changed the amortization time from 40 years to 35 years, and 100% financing is no longer doable through them. The changes were not to come into effect until October 15, 2008, but many banks came on board earlier than required. This actually is not a big change because it used to be 25 years. The difference in a monthly payment will only be a modest one, although in the past it has certainly helped buyers acquire larger homes than they would normally have been able to afford.   

There are still ways to purchase a home with zero down but it takes a good mortgage broker to research this for you. Only a few years ago you needed to have five percent down and the amortization period was 25 years. So things have improved overall.  

Buying or Selling a home is always made easier with a good team on your side. Your Real Estate Agent will assist you in finding the right team members and keep in touch with you throughout the process.

By: Linda Trenholm, REALTOR®

www.century21.ca/linda.trenholm