Lenders finance a title, not only a property. If there’s undivided ownership, an easement or an estate not yet settled, they want to know who can sell, who has to sign and what encumbers the title. With undivided co-ownership many lenders simply step aside, and the file has to go to the ones that will finance it.
What to collect before comparing
Location certificate, deed and, depending on the situation, the co-ownership agreement, the judgment or separation agreement, or the estate papers. Ask your notary what’s missing from the title. They usually know before you do.
Property use
What you plan to do with the property counts for more than its price. Live in it, rent it, or both: that changes the down payment required and which lenders can take on a La Tuque file.
Property records in La Tuque
Depending on the property, the file in La Tuque may need leases, tax bills, a location certificate, the condominium declaration, contractor quotes or proof of compliance.
Appraisal and comparables
The appraiser works from recent sales, not the asking price. Where there aren’t many comparables (a rural area, an unusual property), the value used can land under the price you agreed to, and you pay the difference in cash.
Complete property budget
Municipal and school taxes change from one municipality to the next, and they count in your ratios. Put the La Tuque tax bill, heating, insurance and upkeep in your budget next to the payment. The lender does. You should too.
To prepare
What to gather.
Property condition
Required repairs
Appraisal and comparables
Insurance availability
Municipal records
Lender property rules
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Can an undivided co-ownership be financed?+
Yes, but the list of lenders is short. Several step back from undivided ownership. The ones that do finance it want the co-ownership agreement and every co-owner’s signature.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
