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Financing

Purchasing a home is one of the biggest financial—and life—decisions you'll make. That's why I want to help you stay informed and organized. Below, you'll find helpful checklists of things you'll need on hand for each step along the way to homeownership.

Documents Required For Approval

Identification

One (1) Valid unexpired national photo identification

Proof of address

One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)

Work permit

or Permanent residence confirmation (if applicable)

Salaried Individuals:

Salaried or Fixed Contract or where commission < 50% total income any two of the following:

Recent letter of employment
Current contract executed between the employer and employee
Pay slip(s) showing the most recent full monthly income ( if pay slip shows a deduction at source indicating loan payment, letter of indebtedness is required)
Bank statements showing direct payroll deposits for the 2 most recent months-including BNS screen print
Most recent income tax return
Any official document issued by the local Government indicating income

Commissioned Income:

Letter of employment or
Current contract executed between the employer and employee and
Last 6 months' pay slips

Self Employed Individuals

Business Documentation

– one of the following:

Valid Business registration / License, and most recent Annual Return (where applicable)or
Financial statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved panel, or in good standing with the relevant supervisory board, or
Most recent account statement for an active Scotiabank business or commercial bank account or other financial institution or
Certification of incorporation/Articles of Association

Income Evidence documents

– one of the following:

Income Tax Returns for the last 2 years, or
Audited Financial Statements for the last 2 years, or
Financial Statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved Panel, or in good standing with the relevant supervisory board, and six (6) months bank statements or
Any official document issued by the local Government indicating the income

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
Agreement of Sale or Proforma Invoice

Additional Credit Approval Documents

Current Appraisal ordered in the name of Scotiabank, documents needed: Mortgage Deed/Certificate of Title
Service Charge statement – if you are a home owner
Home Insurance statement – if you are a home owner
Maintenance fee statement (as applicable where there is a Homeowners’ Association for Townhouses, Condominiums, Apartments
Completion certificate for properties < 4 years old (if applicable)
Any other documents 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