- Reaction score
- 15
- Points
- 230
I'm looking for advice here from anyone who has first hand, exact knowledge about the latest IRP policies and if someone actually did what I'm thinking (only thinking about it at this time) to do.
I'm currently OUTCAN and I know the area that I will be posted back to (as the military is paying me to do my degree and the unit paying for it wants me there; plus, in my OUTCAN posting message, it states that I would be going back to the area I'm thinking of buying in). I'm going back to the same area I was at prior to being posted OUTCAN.
I sold my house prior to departing Canada and banked the money for the future downpayment. As well, my financials allow me to be able to carry rent (as it is subsidized) and a mortgage (plus associated costs) back in Canada. I estimate that it would take about $12,000 in lawyers fees, land transfer tax, etc. to complete the sale of the home and I have no issue carry these costs until I'm back in Canada in May or June of APS 16. If Brookfield balked at paying the fees if I buy the house prior to getting my posting message back to Canada, I could still afford the $12,000 hit (obviously this is not the preferred solution).
The house that I'm interested in is selling way below it is worth (as the area I'm interested in back in Canada is most definitely a buyer's market right now), the house is empty (and thus the sellers are really motivated; the price is dropping about $5,000 per month), and it meets all of our needs (plus it has more, but not too extravagant as I still must pay the mortgage after all).
My question is this. If I buy the house and take possession of it prior to receiving my posting message, but do get the posting message to that area, will Brookfield still have to pay me for the costs associated with purchasing the house? I already know that I wouldn't be able to use the posting allowance to buy the interest rate down (I'm not too worried about the interest rate right now as they are very, very low and I have an excellent credit rating).
Please, only serious advice from those with specific IRP knowledge and/or who may have done something similar. Remember, I'm only thinking about it at this moment (I haven't committed anything to this yet).
I'm currently OUTCAN and I know the area that I will be posted back to (as the military is paying me to do my degree and the unit paying for it wants me there; plus, in my OUTCAN posting message, it states that I would be going back to the area I'm thinking of buying in). I'm going back to the same area I was at prior to being posted OUTCAN.
I sold my house prior to departing Canada and banked the money for the future downpayment. As well, my financials allow me to be able to carry rent (as it is subsidized) and a mortgage (plus associated costs) back in Canada. I estimate that it would take about $12,000 in lawyers fees, land transfer tax, etc. to complete the sale of the home and I have no issue carry these costs until I'm back in Canada in May or June of APS 16. If Brookfield balked at paying the fees if I buy the house prior to getting my posting message back to Canada, I could still afford the $12,000 hit (obviously this is not the preferred solution).
The house that I'm interested in is selling way below it is worth (as the area I'm interested in back in Canada is most definitely a buyer's market right now), the house is empty (and thus the sellers are really motivated; the price is dropping about $5,000 per month), and it meets all of our needs (plus it has more, but not too extravagant as I still must pay the mortgage after all).
My question is this. If I buy the house and take possession of it prior to receiving my posting message, but do get the posting message to that area, will Brookfield still have to pay me for the costs associated with purchasing the house? I already know that I wouldn't be able to use the posting allowance to buy the interest rate down (I'm not too worried about the interest rate right now as they are very, very low and I have an excellent credit rating).
Please, only serious advice from those with specific IRP knowledge and/or who may have done something similar. Remember, I'm only thinking about it at this moment (I haven't committed anything to this yet).