SPC Solutions Inc

Insurance/Regulations

It is important to have an expert guide you through the process of ensuring your new home meets all the regulations of your mobile home park, town/city, municipality or county as well as all CSA and provincial building code standards. It is also important to have insurance on your new home that matches the property, house and contents. Manufacturing facilities that build modular and/or manufactured homes are certified by a certification body that certifies the homes comply with Canadian Standards. There will be a Certification Label on each home certifying compliance to the CSA Z240MH National Mobile Home Standard or the CSA A277 Standard and a label certifying compliance to the NBCC or Provincial Building Code. For homes sited in Alberta, it further enables the manufacturing facility to apply an Alberta Municipal Affairs Label Certifying Alberta Building Code (ABC) Compliance.

• https://www.westlandinsurance.ca/alberta/insurance/home/mobile-home-insurance

Glossary of Common Terms

Amenity: a feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).

Amortization: repayment time period of a home loan/mortgage(for example, 15 or 30 years).

Assessor: a government official who is responsible for determining the value of a property for the purpose of taxation.

Assumable Mortgage: a mortgage that can be transferred from a seller to a buyer.

Building Code: based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.

Commission: an amount, usually a percentage of the sale price, that is collected by a professional as a fee for negotiating the transaction.

Credit Report: a record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history.

Credit Bureau Score: a number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage.

Debt-to-Income Ratio: a comparison of gross income to expenses; The monthly mortgage payment should be no more than 29% of monthly gross income (before taxes) and the mortgage payment combined with non-housing debts should not exceed 41% of income.

Default: the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement.

Down Payment: the portion of a home's purchase price that is paid in cash and is not part of the loan.

Flood Insurance: insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will

Home Inspection: an examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed.

Home Warranty: offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance, overage extends over a specific time period and does not cover the home's structure.

Homeowner's Insurance: an insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence or inappropriate action that result in someone's injury or property damage.

Mortgage Broker: a firm that originates and processes loans for a number of lenders.

Offer: indication by a potential buyer of a willingness to purchase a home at a specific price; generally put forth in writing.

Pre-Approve: lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.

Pre-Qualify: a lender informally determines the maximum amount an individual is eligible to borrow.