Doing a private deal deal, Doing, private

Mr_Right

Hello, I am planning to purchase the house from my parents.  Right now, my parents and myself all live in that same house.  Initially when I contacted the bank, they told me I have to do a purchase agreement/contract at the lawyer.

But when I called the lawyer office, they said I can also do a family transfer.  

What's the differences?  Would one cost more money to do than the other?  The bank said if I do a family transfer, I may not qualify as big a loan because they will use the "gov't assess property value" instead of the market value, which doesn't seem to make sense to me.

Also, will I be able to use the 1st time home buyer RRSP thing?  Thanks for all the info =)

華美子

I did family transfer and so I lost my 1st time home buyer RRSP benefit.

Mr_Right

Do you know roughly how much it cost?

tweety

as long as under $375000 .. goverment will give you back 2 % off of ur property taxes..

'cuz I tried to find a small townhouse now.. checked at least 40 places past 7 days..