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Introduction
The purpose of this course is to help mortgage professionals better understand and navigate real estate transactions. The section on purchase and sale agreements covers key areas of contract law as they relate to real estate transactions, and also discusses what mortgage brokers can do to prevent fraud. The section on property valuation introduces the appraisal and market analysis process, and discusses the steps that should be taken by mortgage professionals when evaluating appraisal reports. The final two sections – title registration and disbursements—help mortgage professionals to understand the Canadian land title systems and the legal process of transacting in real estate.
Course Outline
Section 1: An Overview of the Process
- The resale home purchase process
- Deciding to buy and sell
- Receiving and accepting offers
- Buyer activity, inspections, and insurance
- Closing the deal
Section 2: Purchase and Sale Agreements
- The seven elements of a contract
- The key details of purchase/sale agreements
- Terms and conditions
- Preventing fraud
- Preventing termination and unenforceability
Section 3: Property Valuation
- Defining value and the appraisal process
- Analysis of the real estate market
- Appraisal results: error and fraud
Section 4: Title Registration
- Registration of land in Canada
- Registration, priority, and indefeasibility of charges
Section 5: Disbursements
- The closing procedure and document preparation
- Deposits, commissions, and adjustments
- Transfer taxes and legal fees
