Selling your house is a major financial decision, and if you still have a mortgage, one of the first questions you may have is: "What happens to my mortgage when I sell my house?" The short answer is that your mortgage generally needs to be paid out when the sale closes. However, the amount you actually need to pay your lender can be different from the mortgage balance you see on your statement. Depending on your mortgage type, remaining term, lender and circumstances, you may also have to pay a mortgage prepayment penalty, discharge fee or other costs. If you're planning to sell your home , understanding these costs ahead of time can help you estimate how much money you'll actually have left after the sale. 1. Does selling my house automatically pay off my mortgage? In most cases, yes. When you sell a property in Canada, your lawyer handles the closing process and coordinates the payout and discharge of the mortgage registered against the property. For example, suppo...

Selling a vacation home or cabin in Manitoba is different from selling a typical residential property. A recreational property may have waterfront, seasonal access, a private road, well and septic systems, a dock, boat lift, cottage association, rental use or even a leasehold arrangement instead of conventional titled land. Buyers are often purchasing a lifestyle as much as a property, so location, privacy, access, waterfront and recreational features can have a major impact on value. If you're thinking about selling your Manitoba cabin or vacation home , understanding the property, gathering the right documents and developing the right pricing and marketing strategy can make the process much smoother. Freehold or Leasehold: Know What You Own One of the first questions to answer is whether you own the land or have a lease or other interest in the land. A freehold property generally involves ownership of the land and improvements, subject to the applicable title and legal ar...

Buying a condominium can be a great option for first-time home buyers, downsizers, retirees, investors and people who want homeownership with less exterior maintenance. But buying a condo is different from buying a detached house. When you purchase a condominium , you are not simply choosing a unit based on its kitchen, bedrooms, location and purchase price. You are also buying into a condominium corporation and taking on a share of the responsibilities and costs associated with the property. That means condo fees, reserve funds, special assessments, insurance, bylaws, parking, pet restrictions, rental rules and the condominium corporation's finances can all affect your ownership experience and potentially the future resale value of your property. If you are selling a condo in Winnipeg , these same factors can influence how buyers compare your property with other units and how your condo should be positioned in the market. What Is a Condominium? A condominium is a form of...