Mortgage Checklist

Application

 

  • One (1) Valid unexpired national photo identification
  • One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)
  • Salaried Individuals: Letter of employment and Pay slip(s) showing the most recent full monthly income
  • Commissioned Income: Letter of employment and last 6 months pay slips
  • Self Employed Individuals:
          ·       Business registration / License, and most recent Annual Return (as applicable), and
          ·       Income documents, e.g., Income Tax Returns (last 2 years) or Audited Financial Statements(last 2 years), and six  (6) months bank statements

 

Credit Approval

 

  • Source of downpayment – account statement, letter signed by donor& borrower if a gift
  • Proof of assets in the name of the Borrower: Statements showing investments or bank statements, copy of land title or motor vehicle title, Pension Statements, Last valuation of property
  • Proof of Liabilities in the name of the Borrower: Credit card, Loan or Mortgage statement

 

Additional Credit Approval Documents

  • Agreement of Sale or Agreement of Purchase, chattels are not to be included into sales price
  • Valuation report to be ordered by Scotiabank
  • Copy of Land Registry from seller to be provided
  • Strata Requirements:
              Strata section 6(4), Strata bylaws
              Strata AGM minutes, strata insurance
             Strata financial statements from current or previous year
  • Any other to support loan purpose

Closing and Disbursement

  • Evidence of home insurance and assignment to the Bank
  • Original Surveyor’s Identification not more than 12 months free of  encroachments and covenant breaches  
  • Well and sceptic certificates (if applicable)
  • Up to date water authority bill/clearance certificate
  • Incomplete Development: Certificate of practical completion (if applicable)
  • Up to date lease rent/maintenance fee receipt (if applicable)
  • Lease land: Lease agreement showing expiry for > 5 years after mortgage maturity (if applicable)
  • Copy of share certificate/Article of Association of the administrative company (if applicable)
  • Updated credit bureau (if applicable)
  • If seller has a mortgage, you should request to obtain a release or release in Escrow with settlement letter