Buyer FAQ

DO I NEED A REAL ESTATE LAWYER?

The short answer is Yes — in Saskatchewan, lawyers handle title transfers, land titles registration, and disbursement of funds.

WHAT’S THE MINIMUM DOWN PAYMENT?

There is no minimum but here are some guidelines:

• 5% for homes under $500,000

• 10% on the portion above $500,000

• 20% to avoid mortgage insurance

  
  

WHAT’S INCLUDED IN THE PURCHASE PRICE?

Typically appliances, blinds, and any items listed in the contract. Your REALTOR® ensures this is clearly outlined.

WHAT’S THE LAND TITLE TRANSFER FEE IN SASKATCHEWAN?

It’s calculated based on property value. For example, around $2,000 on a $400,000 home.

WHAT ARE CLOSING COSTS?

Budget 1.5%–2% of the purchase price. This covers legal fees, land title transfer fees, home inspection, appraisal, etc.

HOW LONG DOES IT TAKE TO CLOSE ON A HOME?

Typically condition removal is within 2 weeks of the offer. Unless a 72 hour clause is put in place. Once conditions are removed possession can take plan in as little as 2 weeks or longer if mutually agreed upon.

CAN I GET OUT OF THE DEAL AFTER I’VE MADE AN OFFER?

You can walk away during the conditional period. Once conditions are removed, the deal is firm — and walking away may mean legal or financial consequences.

WHAT HAPPENS ON POSSESSION DAY?

Once your lawyer releases funds and confirms registration, your REALTOR® gets the go ahead to give you keys — usually around noon. Hugs and kisses and champagne 🥂.

DO I NEED HOME INSURANCE BEFORE POSSESSION?

Yes — your lender and lawyer will both require proof of insurance before

releasing funds

WHAT’S TITLE INSURANCE, AND DO I NEED IT?

Title insurance protects against potential ownership issues or property defects. It’s often recommended and can be purchased through your lawyer. In Canada we use the torrens legal system.