Agreement for Sale
If you don’t have the ready cash to buy one of our parcels of land, we can finance it for you, if you have a substantial down payment.
The instrument we use – Agreement for Sale – is fairly low risk for us, which enables us to extend you this facility. It is similar to a mortgage, with the biggest difference being that the title to the property does not transfer into your name until the final payment is made.
You will have full use of the property from the moment the Agreement is executed, but if you wish to build anything on it before the property is transferred to your name, we would have to approve it. We have no reason to withhold consent unreasonably.
What is the process for buying our land?
The transaction will go through our lawyer in Amherst, NS, though you are welcome also to hire your own local lawyer to represent your interests. We send you the Agreement for Sale blank template. If it looks good to you, we put you in touch with our lawyer. You or your lawyer would wire him a non-refundable $1,000 deposit, and then we would get the Agreement properly drafted and sent back to you. You can execute it where you live, if you can find a notary public to witness your signature.
You could also come out here to our lawyer’s office to conclude the deal, but if you come into Nova Scotia right now, you have to self isolate for 14 days, due to covid. Once the agreement is signed, you will pay our lawyer the balance of the down payment.
We will pay all the legal fees for executing the agreement and for our lawyer preparing a deed for you, which he will keep in his safe until the final payment is made.
At the end of the payment period, the lot can be transferred into your name. At that time, you should retain a lawyer to record the deed. Your lawyer will be responsible for collecting the Deed Transfer Tax from you (1.5% as of October 2020). There’s also a migration cost in Nova Scotia that you can google to learn about. It’s for migrating properties from an old land registry system to the new system. That costs between $1,000 and $2,000, but we will split that cost with you 50/50.
Your monthly payments would start one month after the down payment is made and the agreement executed. You can do those by interac e-transfer.