Near Tragic Story for First Time Home Buyer & New to Canada!

One of my Mortgage Broker friends, Sua Truong,  authored this article about a 21st hand experience that he had with a client and he shared this with me. 

It can be very stressfull for the clients when last minute issues crop up and everyone has to jump through hoops. 

This is not just an "oh, by the way" item. Could have killed the deal real quick. 

Thank you Sua for sharing!

READ ON:

A short story about a small disaster recently averted during the day of subject removal as the clients and I casually discussed all the related closing costs…including PTT.

‘PT-What????’ They said.

It was the first they had heard about it, despite having been ‘pre-approved’, looking, and writing offers for 6 months.

The file came into my hands two days prior to subject removal, their ‘pre-approval’ having blown up in the 11th hr.

Neither the Realtor they were working with (not you), nor the branch rep had every brought up PTT.

Yes they were first time buyers, but shopping over $700K and relatively new to Canada as well and thus unfamiliar with the process.

PTT was a shock, but they adapted quickly, and it worked out fine. Luckily they were well capitalised.

However had it not come up until a day or three prior to closing via the lawyers SOA, that would have been truly nasty situation for all concerned.

So, my tip of the day – and perhaps you are already doing this as I see more Realtors are.

A new standard piece of language to be inserted into every purchase contract;

‘the buyers have been made aware that this transaction may incur PTT expense in the order of $______.__’

I long ago made it a part of my own ‘documents’ list that goes to all my clients on day one…although it remains overlooked many times.

When the client asked ‘whose job is it to tell us about PTT, the Realtor, the Broker, the Lawyer?’

My reply was; ‘All of us’.