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Standard Purchase - Company Owner/Self-Employed
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- Fully competed credit application
- Self employed individuals may be required to provide some or all of the following:
- Copies of business financial statements
- Personal tax returns
- Corporate tax returns
- 3 years of your most recent T1 Generals with Statement of Business Activities
- 2 years most recent Notice of Assessment with no income taxes owing
- Copy of business license, Artiles of Incorporation or Business GST registration
- Agreement of Purchase and Sale including all schedules for subject property Copy of MLS listing on subject property
- Confirmation of down payment (depending upon individual lender/insurer policies, you may be required to provide one or more of the following items):
- Copy of bank statement or bank book with evidence of accumulation
- Copy of RRSPs, stocks, etc.
- Gift Letter (Please note that some lenders/ insurers require specific wording on the letter and may require additional documentation in reference to the gift)
- Statement showing money has been deposited into applicants account.
- If the down payment for the new home being purchased will be coming from the proceeds of sale on an existing home, you may be required to provide:
- A copy of the most recent mortgage statement. The statement should include name of lender, mortgage reference number, approximate balance, current mortgage payment and mortgage renewal date
- Agreement of Purchase and Sale on property being sold
- Appraisal Report (conventional mortgage or high-ratio uninsured) (most often, the appraisal will be ordered after receiving the Commitment of Mortgage from the lender. Make sure that the appraisal is ordered from an appraisal firm that is acceptable to the subject lender).
- High-ratio insurance application fee for CMHC or GE needs to be arranged for. Check with specific lender for policy and procedure.
- Lawyer's name and phone number
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