Our law firm has had the pleasure of working with Stephanie on numerous residential real estate transactions. She is professional, meticulous and excellent at communicating within a timely manner. She has demonstrated a willingness to always go that extra mile for her clients. If you are buying and need an amazing mortgage broker we would highly recommend retaining Stephanie
Buying land is becoming more popular with Albertans. I am happy to inform you that the process has been simplified.
There are many factors that affect the amount you will require to put down. We will consider the following:
- How large is the land
- Where is it located
- What is the zoning
- What is the intended usage
- Is it farmland
Where the property is located will help determine the down payment:
If your property is within town limits and has community water and sewer, the down payment will be: 20-25% down.
If you are buying a smaller acreage, then 20-30% would be required down. Most of these properties work out to be within 22-26%.
The larger packages of 60 acres or more will require a minimum of 35% down.
Often the tool used will be the postal code for the area. Most lenders have grids mapped out by the postal code.
If you are buying farmland, then we will use Farm Credit to assist you. If you plan to farm the land, then Farm Credit’s programs will be of interest to you.
If you are purchasing residential or agricultural land, then we will use a traditional lender.
The first place to start is to call our office. When we speak, we will go over your intended usage of the land. Upon uncovering your needs, we will be able to confirm the exact amount required. As lenders are always amending policies, our conversation will clarify your requirements and the policies rotating around them.
We are here to assist you.