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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 98388
Experience:  Lawyer
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We our hopefully of purchasing are house in 2015 August .its

Customer Question

We our hopefully of purchasing are house in 2015 August .its it mandatory law that you need to have 3months savings in bank prior to purchase.we our still saving. Thankd
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.
There is no such law. I don't know if this is something your bank may require before giving you a mortgage but I've never heard of that myself.
Customer: replied 1 year ago.
Thank you but dont you have to prove down payment prior to purchase of property at least 90 days
Customer: replied 1 year ago.
Canadian real estate
Expert:  Debra replied 1 year ago.
I am in Canada. There is no law that says this but you may have to meet that as a condition of the mortgage.

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