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Start the Sales Process

To begin the sales process various forms are completed. The information on the forms is required by Ontario laws, is needed to understand each Purchaser’s individual purchasing situation, and is needed to stay in contact.   In some instances, some forms are not required. For example, if a Townhome is purchased we do not collect the “Optional Features List” and this is because all the features for the Townhome have been selected. Please click on a question to reveal the answer.

STEP 1  -
Provide Financial Approval Letter
  • What is a Financial Approval Letter (FAL)?
    A FAL is a letter issued by a Mortgage Broker that states a Purchaser has been pre-approved for a mortgage that covers the entire price of the property (the lot, the house, the upgrades).
  • Why is a FAL always required?
    A FAL is always required to show that a Purchaser has spoken to a Mortgage Broker and has been pre-approved for a mortgage that covers the entire price of the property.  In the event a Purchaser doesn't require a mortgage to purchase a property then the Purchaser let's the Builder know they do not require a mortgage.

STEP 2  -
Complete Potential Client Referral Form
  • Why, when applicable, is a PCRF required?
    When a Purchaser is working with a Realtor the PCRF is required so the Builder knows the name of the Realtor the Purchaser is working with, the Builder knows how much commission to pay to the Realtor, and the Builder knows the Purchaser has agreed to work with the Realtor.
  • When is the PCRF completed?
    The PCRF is completed by the Realtor at the start of the sales process.  The PCRF is signed by three parties – the Purchaser, the Realtor, and the Builder.  

STEP 3  -
Complete FINTRAC Form
  • What is the FINTRAC form?
    FINTRAC (FINANCIAL TRANSACTIONS & REPORTS ANALYSIS CANADA) is a government agency that assists in the detection, prevention and deterrence of money laundering and other illegal financial activities.  FINTRAC's financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada's financial system.
  • Why is a FINTRAC form required?
    The government can use a FINTRAC form to audit a real estate transaction to ensure it is compliant with Canadian financial laws.  The government requires that a FINTRAC form is completed with every real estate transaction. 
  • Who completes the FINTRAC form?
    The Sales Representative works with the Purchaser to complete the form at the start of the sales process (typically when a deposit is provided).

STEP 4  -
Provide Photo Identification
  • What documents can be used for photo ID?
    Documents issued by the government can be used for photo ID and the document must include the Purchaser’s name and photo. Common photo ID documents are a driver’s license or a passport.
  • Where is photo ID delivered?
    FINTRAC requires that photo ID be included - photo ID is delivered at the time the FINTRAC form is given to the Sales Representative.

STEP 5  -
Complete Optional Features List
  • What is the optional features list?
    The list shows the Purchaser what features can be added to a house. The list also shows the Purchaser that almost all features must be added to the house prior to an agreement of purchase and sale being signed and that features cannot be added or deleted after the agreement of purchase and sale is signed.
  • Why is the optional features list required?
    The list is required because it shows to the Builder which features the Purchaser would like to add to the house. The list is also important because it shows to the Purchaser that features cannot be added or deleted after the agreement of purchase and sale is signed.   The optional features list is not required when the Purchaser is buying a house where all the features have been determined by the Builder (e.g. an Inventory Home or Townhome).
  • Who completes the optional features list?
    The Purchaser completes the list prior to signing an agreement of purchase and sale.  The Puchaser is encouraged to ask the Sales Representative any questions they like about the house (and the lot) to ensure the features are understood.

STEP 6  -
Complete Purchase & Build Info Form
  • What is the purchase and build information form?
    Purchasing a new house involves understanding a wide variety of topics such as the slope of the land around the house (called ‘lot grading’), timelines for selecting features, and interacting with financial institutions and Lawyers. The purchase and build information form is provided to answer some of the questions surrounding these various topics.  The Purchase & Info form is always required to be completed.
  • Why is a purchase & build information form always required?
    The signed form shows the Builder that the Purchaser has read and understood the implications of a wide variety of topics that impact the purchase of a new house.  The form provides information that could impact which property the Purchaser decides to buy.

STEP 7  -
Complete Lot Reservation Form
  • What is a lot reservation form?
    In some instances, the Builder allows a Purchaser to reserve a lot or a unit (e.g. a completed Townhome that’s for sale) for a short period of time. When this reservation is allowed the lot and unit reservation form is completed.  The lot reservation form is needed to show that a lot or unit is reserved and that the Builder received a deposit to reserve the lot or unit.

STEP 8  -
Provide Deposit Via Bank Draft
  • Why is a bank draft required?
    The deposit is delivered via bank draft because it shows the Builder that the Purchaser’s financial institution has verified the funds are available. The deposit is to provide security to the Builder in the act of good faith that the Purchaser has a financial stake in the transaction.
  • Where is the deposit delivered?
    The Sales Representative will let the Purchaser know how to deliver the deposit. The most common delivery methods are by mail and in person to a Presentation Centre.
  • When is the deposit due?
    The Sales Representative will let the Purchaser know the date the deposit is due. Typically, the deposit is due at the time a lot reservation is signed or an agreement of purchase and sale is signed.

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St. Thomas, Ontario N5P 4B9

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