When acquiring a new home, several important steps are to follow. The first step is to sign an offer to purchase. This offer is then submitted to the credit department of the institution with whom you've decided to finance your purchase. A period of 5 to 7 days is expected to obtain approval from the credit department.

The construction of the property is subsequently subjected to strict inspection, conducted by the guarantee plan for CQI. This 3 step inspection takes place at specific times during the progress of the construction work. These steps consist of:

1-Verification of the building foundation.
2-Verification of the structure (frame) before closing the walls.
3-The final audit of project completion.

Once construction is completed, the following steps are carried out very quickly:

1-The signing of the deed of loan that must be done in 3 to 5 days before the final sale.
2- A certificate of final sale must then be completed.
3- The next step is to complete the certificate of completion of work.
4- The mortgage loan is then signed by the Notary.
5- Finally, taking possession of the house immediately
after the Notary signature.
Inspection fees

If desired, a building inspection can be performed by a private assessor. The inspection fees are paid by the buyer and can vary from $ 300.00 to $ 800.00 according to the private assessor.

Costs of S.C.H.L.
The S.C.H.L. is an assurance that the bank applies when the downpayment is less than 25% of the price of the house. The charges of S.C.H.L. vary between 1% and 3.25% depending on the amount of the down payment (plus taxes). This amount can be added to the mortgage.

Assessment fee of the bank
Before completing the transaction, an appraiser will be appointed by the bank to assess the property for which the loan was prepared. The cost of the evaluation fees vary between $ 200.00 and $ 300.00 (plus taxes). These costs are afforded by the purchaser before completing the transaction.

Transfer duties on property value
Transfer duties are collected by the city at the opening of a new file. The amount of this fee varies between $ 200.00 and $ 950.00, depending on the assessed value of the building. This tax bill will be mailed approximately 45 days after the final transaction.

How to get more information?
For more information, please contact us. It will be our great pleasure to inform you and guide you in your efforts.