New-build mortgages in West Bedford and HRM

Ask your lawyer to review the complete agreement, schedules, specifications and amendment process before signing. Clarify the deposit amounts and due dates, who holds the funds, how they are protected and what happens if the purchase is delayed or does not complete. Do not assume a builder deposit follows the same arrangement as a brokerage-held resale deposit.

List the included finishes and all chosen upgrades in writing. Ask how changes affect price, tax and the completion schedule. Landscaping, paving, appliances and other items should be identified as included, excluded or deferred rather than left to a showroom conversation. No particular development’s inventory, completion date or deposit protection is assumed in this guide; obtain the terms for the actual property.

With a completion mortgage, the purchaser’s mortgage generally advances when the finished home meets the lender’s closing requirements. Deposits required before then need another verified source. Ask what counts as satisfactory completion and what happens if some work remains outstanding. A builder’s expected handover date is not by itself a lender commitment to advance funds.

Construction-draw financing instead releases approved funds through stages, subject to the lender’s conditions and evidence of progress. This may involve inspections, appraisals, legal requirements and timing gaps between a contractor’s invoice and an approved advance. CMHC describes new-construction arrangements with early approval and lender control requirements. Availability and structure depend on the actual lender and project; a standard purchase pre-approval does not establish a draw facility.

Ask how long your financing arrangements remain valid and what needs updating if construction moves. Employment records, debts and other qualification information may need review before closing. Keep the mortgage team informed about upgrades and price amendments so the lender is assessing the same purchase that appears in the legal documents.

Ask how an appraisal shortfall would be handled and whether additional cash could be needed. For a draw mortgage, prepare a stage-by-stage cash plan that includes your equity, approved advances and any required holdbacks confirmed by your lawyer. For completion financing, preserve enough accessible money for deposits and closing costs without assuming the mortgage will fund them early.

Ask whether the home is enrolled in a new-home warranty programme accepted by your lender, and request written confirmation for the actual property. Read who provides the coverage, what it covers, exclusions, commencement dates and the process for reporting defects. Do not confuse a builder’s service promise with independently documented warranty protection.

Arrange a pre-completion walkthrough and consider independent inspection advice. Keep a written deficiency list and ask how unfinished work affects closing, possession and any legal holdback arrangement. Warranty coverage is not a substitute for checking completion or documenting problems. This guide does not assert that every new HRM home has identical or mandatory coverage; your lawyer, lender and warranty provider must confirm the applicable requirements.

CRA explains that eligible individuals may recover some GST/HST paid on qualifying new or substantially renovated housing, subject to the applicable conditions. The existing new housing rebate and the first-time home buyers’ rebate have their own eligibility and application rules. Do not assume first-time status alone decides every rebate question or that rental and principal-residence purchases receive the same treatment.

Ask whether the quoted price includes tax and assumes a rebate assignment to the builder. Confirm who applies, what declarations you make, the current deadlines and what you owe if eligibility fails. For the site’s companion guide, use /first-time-home-buyer-gst-rebate in the related links below. Have the lawyer and a tax professional review your actual agreement before counting a rebate toward affordability or money available on closing day.