Speed-Dial AI Lawyer (470) 835 3425 FREE

FREE Legal Document translation

Try Free Now: Legalese tool without registration

Find a LOCAL LAWYER

## Overview of Financial Situation

Edit: Thanks for the great advice everyone. I want to clear some things. I also get a RSU from my company coming out to an additional 100k a year. So my Total compensation is 260k. Secondly, IÔÇÖd probably want to rent out the townhome for however much and cover the difference for the mortgage while living at home still. The loan I would be taking for this would be closer to 750k not 1 million

Hey y’all,

I posted here for the first time 2 weeks and got great advice from you all. I booked a pre-con yesterday and was feel very nervous about my financial situation and was hoping to hear from y’all again 🙂

## Current Financial Status and Recent Decisions

Im 25, live at home (so no rent) and make around 160k a year as a software engineer. I had 30k saved in my TFSA and roughly 60K USD in a US brokerage account. That made up all of my savings.

My dad has been pushing me to invest my money in real estate but honestly, in this market I did not think we could find anything. I had not spent my money on anything big since working and needed a car so went ahead and got one last week instead. I have to give 17k at delivery (I have a really high security deposit to bring down the interest rate) and then 750 a month. With insurance and gas im looking at 1400 a month for this car (its an entry level BMW). I know this was not the best financial decision but with my salary and no expenses I thought it was fine.

## Dilemma with Townhome Purchase

Now here is where it gets tricky. Mattamy had released these townhomes in Milton which we had gone to look at earlier – but people had lined up for the units days in advance so there was no chance. Yesterday we got a call and it turns out 1 of the units became available again during the cool off period. Its a premium lot, great layout, close to family and would be a great home. It was listed for ~1 million (2000 sq feet townhome) and they needed 35k on signing (Would give a total of ~100k within 4 months per their payment plan). The closing would in April of 2025 giving time for the interest rates to hopefully drop as well. Given the nature of the new home market and the 2025 closing – we had to act fast and booked it right away. We have a 10 day cooling period so we can still back out though.

## Anxiety over Financial Stability

I feel very nervous about everything. With the 17k for the car and 35k for the townhome, that depletes my entire TFSA and any misc savings I may have. Furthermore by August, my entire US Account will be depleted as well to make room for the addition 65k needed for the townhome (It was 100k total over 4 months with 35k at signing). I would have no savings left at all and that gives me anxiety.

## Seeking Advice and Decision Making

I know the car was stupid. At that time I was not thinking I could get into real estate for the next 5 years. Now Im so confused. Should I back out of the townhome during this cooling period? This is a really good opportunity though. I just don’t want to be in a state with 0 savings.

My monthly take home post tax is roughly 8k. The mortgage with todays rate would be roughly 5k. With the car my monthly expenses would be 6.5k. That seems wayy to high. What do you guys think I should do here?

## AI Legalese Decoder Assistance

Using the AI Legalese Decoder can help you analyze the legal terms and conditions involved in the townhome purchase agreement. By inputting the contract into the AI, you can receive insights on potential risks, obligations, and ways to protect your financial interests. This tool can provide valuable information to make an informed decision about proceeding with the townhome purchase or backing out during the cooling period.

Speed-Dial AI Lawyer (470) 835 3425 FREE

FREE Legal Document translation

Try Free Now: Legalese tool without registration

Find a LOCAL LAWYER

**The Challenge of Understanding Legal Jargon**

Legal jargon can be incredibly complex and difficult to understand for the average person. It is filled with obscure terminology and convoluted sentence structures that can make it nearly impossible to decipher without a law degree. This can be extremely frustrating for individuals who need to navigate the legal system but lack the necessary knowledge or expertise.

**How AI Legalese Decoder Can Help**

AI Legalese Decoder is a cutting-edge tool that utilizes artificial intelligence to simplify and translate complex legal documents into plain language. By inputting a legal document into the decoder, users can quickly and easily receive a simplified version that is much easier to understand. This can be incredibly helpful for individuals who are struggling to comprehend legal jargon and need assistance in navigating the legal system. With the help of AI Legalese Decoder, individuals can gain a clearer understanding of their legal rights and obligations, allowing them to make more informed decisions and advocate for themselves more effectively.

Speed-Dial AI Lawyer (470) 835 3425 FREE

FREE Legal Document translation

Try Free Now: Legalese tool without registration

Find a LOCAL LAWYER

View Reference