Your Money

What about the money? When we are ready to meet with you, we will send you an e-mail. It will contain details of the amount required to complete your purchase. This amount (shortfall funds) will include various adjustments such as property taxes, condominium fees (if required) and the amount required to pay our invoice. The shortfall funds must be in the form of a bank draft.

Once you become the owner of your new home, you may be able to enroll in the monthly property tax program. This allows you to pay your taxes on a regular monthly basis on automatic monthly withdrawal rather than one large annual payment. Two things to remember. First, you cannot enroll in the program until you are the actual registered owner at Land Titles. Second, enroll within the first few days after you become the owner of the property, otherwise, in certain circumstances, penalties can be triggered. Please note, that some lenders insist that you pay the property taxes as part of your mortgage payments. In this case, you will not be able to enroll in the monthly program directly with the municipality.

Paying your Condominium Fees

The seller will have paid the condominium fees for the month in which you take possession. Occasionally, if your possession date is on the 1st of the month, you could be responsible for the condominium fees for that month.  You must contact the condominium’s property management company or condo board (if self run) and make arrangements to start your condominium fee payments for the 1st of the next month after taking possession.  Failure to do so in a timely manner may result in a missed payment and arrears.

Paying your Homeowners Association Fees (HOA)

Depending on when the fees are due, the seller may have paid the HOA fees for the year in which you take possession. If the due date is after you take possession, you are responsible for paying the full year. You will have been compensated by way of an adjustment to the purchase price. You must contact the HOA or their management company and update their owner information so that you will receive any notices and the next HOA fee invoice.  Failure to do so in a timely manner may result in a missed payment and arrears.