Question 1

When can my appointment(s) be scheduled with the notary?

Accepted Answer

We will plan both of your appointments with the Notary two (2) weeks prior to your closing date. However, to do so, we must have received the complete promise to purchase from the real estate brokers and the mortgage instructions from your financial institution. Without all these documents we are unable to schedule any appointments.

Question 2

When must I provide my down payment?

Accepted Answer

We request that you provide your down payment one (1) week prior to your closing date. The amount will be determined once we receive the complete promise to purchase and the mortgage instructions.

Question 3

How may I provide my down payment?

Accepted Answer

There are three (3) ways to provide your down payment : via a Canadian bank draft, via down payment coupon or an electronic wire transfer.

Question 4

What is included in my down payment?

Accepted Answer

The amount of the down payment includes : Your contribution towards the purchase price, the notary fees and ,when applicable, a 9% tax on the default mortgage insurance amount. Your financial institution may require the payment of other closing costs, such as realty taxes, evaluation fees etc.

Question 5

What is a down payment coupon?

Accepted Answer

A down payment coupon is one of the methods available to provide your down payment. It allows you to transfer the required funds through your online banking service. The funds will be deposited in our trust account within a few days. Please note that not all financial institutions support this method.

Question 6

To whom shall the bank draft be payable to?

Accepted Answer

If you choose to provide your down payment via a bank draft, regardless of the notary assigned to your transaction, the bank draft must be payable to the order of “Abdulkarim BABA, Notary In trust”.  Please note that you have to physically bring the bank draft to our offices.

Question 7

When is the “Welcome Tax” officially known as the Land Mutation Tax due?

Accepted Answer

The welcome tax is due after the closing date and is billed directly to the buyer. You can expect the invoice from the city within a delay ranging from 4 weeks to 6 months.If you wish to have the invoice sent to an address other than the property concerned, you must contact the city directly.

Question 8

Are there exemptions for the payment of “welcome tax” (land transfer tax)?

Accepted Answer

There are two (2) types of exemptions, ones provided by law and ones provided by some cities.

The exemptions provided by law apply automatically and without your intervention. Common examples are : the exemption when a property is transferred between spouses or when a property is transferred between family members in the direct line, such as child and parent.

The exemptions provided by some cities require you to apply to the city. Strict criterias must be met and documents must be filled out if you qualify. Please contact your city to know more about these programs.

Question 9

I am the only person who will be on the ownership title, why does my spouse have to sign for my mortgage?

Accepted Answer

When you are financing the purchase of a property, your spouse’s intervention in the deed of mortgage is required by law for any property with fewer than five dwellings that is used in whole or in part as a family residence. To know more, Maitre Gynet Gloria KOZUB wrote a blog post on this subject : https://www.babalegal.ca/post/why-is-my-notary-requiring-my-spouse-s-signature (https://www.babalegal.ca/post/why-is-my-notary-requiring-my-spouse-s-signature)

Question 10

When will I get the keys to my home?

Accepted Answer

The transfer of keys is outside the scope of the service provided by us. The transfer is either arranged between the real estate brokers or between the buyer and seller directly. It is recommended that you discuss this subject before the closing date.

Question 11

Why must I have two appointments with the notary?

Accepted Answer

When you are financing the purchase of a property, you must meet the notary on two different occasions. All financial institutions require that the deed of mortgage is published against the property before giving us authorization to use the funds for the purchase of the property. During the first meeting, you will meet the notary in order to sign the deed of mortgage and related documents. A few days later, once the deed of mortgage is published on the land registry, you will meet with the notary to sign the deed of sale and related documents.

Question 12

Why must I provide proof of damage insurance?

Accepted Answer

All financial institutions require that you obtain damage insurance coverage for the property you wish to acquire. Each financial institution sets out specific requirements and criterias that must be met, and instructs us to confirm that the coverage you obtained meets these requirements and criterias. Without an adequate proof of coverage (insurance binder) we do not have the authorization to sign the deed of sale.

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