Most often in New Brunswick, residential ownership refers to single-family homes. But there are also condos, co-ops, townhouses, duplexes and other forms of housing. A mortgage is a loan that can help you finance the purchase of your home. Specifically, a mortgage is a legal agreement in which the property is used as collateral for the repayment of a loan. If all the conditions of the mortgage are met, the borrower, you, will own the property until the end of the indicated period – usually 25 years. A contract of purchase and sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the agreement, the buyer agrees to buy the property at a certain price, provided that a number of conditions are met. .