There are three ways to take title, you MUST choose one:
JOINT TENANCY - Two or more people each having undivided equal interest in the property. If one owner
dies, the surviving owner or owners automatically own the entire property "by right of survivorship."
TENANTS IN COMMON - Two or more people can own property as "tenants in common." Upon the death of a co-tenant, the deceased's interest in the property does not automatically go to surviving owners in the case with joint tenants. Rather, it becomes part of the estate of the deceased. Tenants in common do not have to hold equal shares in the property as do joint tenants.
INDIVIDUAL – Another way to take title is individual ownership in the name of one person alone. This means that that person is the absolute owner of the property. If the property qualifies as a "matrimonial home" under family law, both spouses have an equal right to live there, no matter who has title or who paid for it. Therefore, a spouse who is not a registered owner of the property must still sign his or her consent to transfer or mortgage the family residence.
Joint Tenants Tenants In Common Individual
* Please specify the percentage of ownership of each buyer if tenants in common:
List the people who are FIRST TIME Home Buyers going on title below: (never owned a home anywhere in the world before, or interest in a home)
Ontario Law requires that the mortgage document contain a statement regarding the spousal status of all registered title holders and all of the spouses not on title. Please indicate the spousal status for each of the persons currently on title and who you are married to by entering the (#) number of the line their name appears.
List Legal Names & Occupation of all Title Holders below: Check One
( Not A Spouse if you are in a common law relationship )
Are you aware of any judgements against you or have you ever been sued or notified of default payments?
Yes / NoIf yes, give full details:
To your knowledge is the property controlled by:
* If a septic compliance certificate is necessary $$
Address of Bank /Mortgage Company or Mortgage Broker:
Phone
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If yes, give full details of who is preparing your bridge loan:
In order to close your Purchase on time we strongly recommend you apply for your mortgage early. Make
sure your banker or mortgage broker have all the required documentation to complete the approval of your
mortgage. Make sure all the conditions have been fulfilled and your broker has submitted all the required
documents to the lender for final approval. Do not change your financial institution or the amount of your
mortgage within the last two weeks of closing. If you require assistance in arranging a mortgage, please
contact our office we will be pleased to help you at NO additional cost.
New Home Buyers: We will require a copy of the new home warranty certificate of completion 3 days
prior to closing. A copy must be provided to your mortgage lender before the lender releases your mortgage
funds. Schedule your home inspection as early as possible and fax us a copy of your new home warranty
certificate immediately after. This will prevent delays in closing.
If yes, kindly provide the following:
HOME FIRE INSURANCE - VERY IMPORTANT
It is a requirement of every mortgage lender that you MUST have the property being mortgaged fully insured. It is your responsibility to arrange home fire insurance. Make sure you give your insurance agent the name and the address of your bank or mortgage company and copy of the listing of the property you are buying. Finally make sure your insurance agent faxes an "Insurance Binder Letter" to RealProperty at least 5 days before closing. We can not close your transaction without an "Insurance Binder Letter"
If you are buying a property without putting on a mortgage and do not wish to insure the property then you must notify us immediately and sign a waiver. We can not close your transaction without it. Note: Condominiums are exempt. We strongly recommend content insurance for condominium owners.
We cannot commence work on your file until we have the following:
1. A signed Confirmation of Representation
2. Fully completed client information forms (questionnaire)
3. Legible copies of Agreement of Purchase and Sale plus all amendments and waivers
4. Status certificate if you are purchasing a condominium
5. Power of Attorney, if applicable.
I acknowledge that I have read the Purchase Memorandum and completed the questionnaire (Click here to open the Purchase Memorandum).