Quote:
Originally Posted by fredr123
How do mortgage companies monitor this? I know real estate lawyers will have you sign a statutory declaration saying that you intend to reside in this property, it won't be used for any other purpose, etc. Do lenders ever check on this?
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Nope. Basically you go to the lawyers and sign a document stating that this will be your primary residence. Once that is signed they generally never look into things again.
Who knows if that will change though with these new rules.