Scantlebury Wealth Management

In the rush of a real estate transaction, many homebuyers are operating with a dangerous blind spot. While the journey to homeownership is a whirlwind of inspections and appraisals, most buyers focus on "Closing Day" as the finish line. In reality, there is a precarious financial gap that exists between signing the Agreement of Purchase and Sale and the moment the keys are in your hand. While it is common to assume that a tragedy would simply "cancel" the deal, the legal and financial reality in Canada is far more aggressive: the deal must go on, even if you don’t. Standard real estate contracts in Canada’s common law provinces typically include a clause ensuring the agreement is binding not just on the signers, but on their "heirs, executors, administrators, and successors." Legally, the death of a buyer does not void the contract. Instead, the purchase becomes an immediate and mandatory obligation for your estate. This is where the financial crisis peaks...

Buying a house in Canada will likely be one of the biggest financial decisions of your life. Home ownership can help secure your financial future; and that is why you need to make wise decisions for today, and for the long term. In this article we point out some common and costly mistakes first-time home buyers make. We also offer some home buying tips and show you why signing a mortgage can be the best time to look at term life insurance. Thinking ahead is the key. The dream of moving into your very own home, a place where you will raise your family and make memories, is an appealing plan.  Buying a new home can be emotional and when you find a place with ‘curb appeal’ that ‘shows well’ it is completely natural to want to jump in with both feet. But quick decisions can often lead to mistakes. Here are some of the most common mistakes made by first-time Canadian home buyers: Not having a financial plan for what you want, need, and can afford in a new home. Taking a full and honest ...

Quite recently, I was asked a simple question: I have my Travel Insurance Policy on my credit card,  why should I buy a separate policy? My gut reaction was simple: never depend on your credit card insurance and never buy it from a bank. With twenty years of employment history between various  financial and financial education firms, my reaction is you should try to go to the correct professional  to get your financial service.  As a guy who is licensed to sell Life and Accident Sickness Insurance, I thought I knew what was  best. After all, I have sold these policies for a few years and I had a sense of them. So, of course, my  gut said “every individual should buy their own Travel Insurance and buy it from an independent Insurance Advisor; and never walk into a retail bank branch to do the same. Yet, my mind said  something else: “are you sure?”. Accordingly, I did research and I was surprised.  I was surprised by the range and variability of th...