Step 1 – Reviewing and Understanding the Program
Amansad Financial Services wants to be confident that you fully understand the program and what is required of you to succeed. Additional questions can be sent via contact form.
Signing an Offer to Purchase does not guarantee that we will secure an investor. In the event that we do not secure an investor, the following options are available:
1. Cancel the deal.
2. Refer you to a realtor in assisting you to sell your property
3. Sell the property yourself on the open market without the professional help of a realtor
Step 2. Know your costs and responsibilities (Upfront & no surprises)
Below is a list of standard documentation that will be required;
- Completed Application & Credit Report
- Appraisal Report
- Two Pieces of Non-Expired Government Issued ID
- Satisfactory Income Verification
- Confirmation of Mortgage Balances & Payouts
Below is a list of expected expenses:
- Current Appraisal – $300-$400+Taxes
- Home Inspection – $400-$500+Taxes
- RPR (Real Property Report) – $500+Taxes *** Not always required. ***
- Borrowers Legal Costs to Close – $1200 (Estimated) *** From the Net Proceeds of the sale. Not an out of pocket expense. ***
- Residential Lease Preparation Documents – $1000 (Estimated) *** From the Net Proceeds of the sale. Not an out of pocket expense. ***
Step 3 – Offer to Purchase
Amansad Financial Services will make an offer of your property for you to review. Once you have reviewed and accepted, we will present your file to our investor committee network for conditional acceptance.
Step 4 – Home Inspection & RPR (Real Property Report)
- You are responsible for the cost of the Home Inspection
- RPR is rarely required. If required we’ll advise. You are responsible for the cost.
Step 5 – Final Signing
Once the Home Inspection is completed, the file will be sent to the lawyers. The file will consist of the purchase contract, contract assignment, appraisal, home inspection, RPR (if applicable), and a summary of the lease terms. Once all documents are ready, they will be sent to your lawyer for final signing and review.
Step 6 – Utilities, Insurance, and Lease Cheques
Below is a list of your final checklists before the closing date.
- Because you are currently residing in the home, no changes to utilities will be required.
- Transfer your Home Owner Insurance to Tenant Insurance. Make it effective for the closing date on the Offer to Purchase
- We will contact the investor to confirm if they prefer PAD Deposit, Manual Cheques, or monthly E-transfer. Once confirmed, we will advise on Payment Method
Step 7 – Credit Mentoring Program (Optional)
It is highly recommended that you work with a credit improvement company. They will ensure all areas of concern with respect to credit are addressed. We can refer you to a 3rd party company. Please ask us about the details.