Yes! It is always important to let your lawyer know how you intend to use the property. This is important so that we can investigate to confirm that the proposed use is actually permitted, as well as to ensure that you are compliance with your mortgage, among other things.
For example, if you are buying a condominium and you intend to rent the unit out, we need to confirm that the condominium’s rules permit rentals. Your lender also needs to be advised that you will not be living in the unit as this affects their rates and approval process. We are not permitted to withhold information from your lender, so it is important that they know your actual plans from the outset.
- December 6th, 2019
- Posted in: