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Reimbursement of the purchase credit

The purchase credit : what are your obligations? How and when to repay it?

When you sign an Accès Condos Agreement with the SHDM, you benefit from a purchase credit of 10% of the purchase price of your property that you apply as a down payment. You therefore reduce the amount of your mortgage and can own your home with just $1,000 down payment. In return, you agree to repay this purchase credit to the SHDM with a percentage of the increase in value of your property when your Accès Condos Agreement expires. Note that, because the SHDM does not offer credit terms, this refund needs to be made through a notary in a single payment.

The termination of your Accès Condos Agreement implies that you repay all amounts due to the SHDM. The circumstances that lead to the termination of your agreement are:

  • the resale of your property,
  • an increase of your mortgage,
  • the leasing of your property, 
  • the end of the amortization period of the initial mortgage loan, and
  • the reimbursement of the purchase credit by the buyer(s).

In all cases, you must contact the SHDM. To make your life easier, we have made available interactive forms enabling you to submit your application online. See the sections below and select the form that applies to your case whether a cession of rank in the event of a refinancing, the approval of the resale price, a transfer between joint purchasers or a request for an account statement. It's quick and efficient!

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Statement of Account

From time to time, individuals may need to establish an overall picture of their financial situation including their debts, personal loans and assets. This need arises in particular when they plan to sell their property, when they wish to do some financial planning or to obtain additional financing.

The signatories of an Accès Condos Agreement may apply to the SHDM for a statement of account that can be forwarded to the financial institutions concerned. This statement of account is also needed to terminate the Accès Condos Agreement at any time, in which case the part of the increase in value due to the SHDM will be calculated based on an estimated resale price.

Note: The assessment presented in the statement provided by the SHDM is valid for a period of six months from the date of issue. This assessment is offered at no cost to the owners of an accredited Accès Condos unit.

Time for processing and approval: Up to 30 days after receiving all requested documents and information.

Submit a request for a statement of account
Acheteurs/Reimbursement of the purchase credit/Statement of Account
Acheteurs/Reimbursement of the purchase credit/Statement of Account

Approval of a resale price 

The resale of an accredited Accès Condos property involves the termination of the Accès Condos Agreement and the reimbursement of the purchase credit that was granted by the SHDM when you bought your condo. You should recall that the agreement provides for the reimbursement of the purchase credit as well as a percentage of the capital gain realized upon the resale.

To complete the transaction, it is necessary to obtain prior approval of the resale price that will determine the amount of the reimbursement to be made. The amount of the portion of the increase in value to be paid to the SHDM is calculated on the basis of the final resale price.

IMPORTANT: If you omitted to have your resale price approved by the SHDM prior to putting your unit up for sale and that you are on the verge of accepting an offer, or have already made an appointment with your notary to proceed with the sale of your condo, please refer directly to the Statement of account section. Please note, as stipulated in your Accès Condos agreement, that the time for processing and approval of your statement of account can take up to 30 days after receiving all requested documents and information.

Time for processing and approval: Up to 30 days after receiving all requested documents and information.

Submit a request for approval of the resale price
Acheteurs/Reimbursement of the purchase credit/Approval of a resale price
Acheteurs/Reimbursement of the purchase credit/Approval of a resale price
Acheteurs/Reimbursement of the purchase credit/Refinancing - cession of rank

Refinancing (cession of rank)

In case of refinancing, individuals may need to change the order of priority of their creditors. This is called a cession of rank. A cession of rank may be requested when refinancing a mortgage, to carry out certain investments or following an arrangement with creditors.

The signatories of an Accès Condos Agreement wishing to make a cession of rank must obtain the prior approval of the SHDM, subject to the following conditions:

  • The loan must be a closed mortgage and not a home equity line of credit.
  • The primary mortgage must match the loan amount.
  • The terms must comply with the conditions of the Accès CondosAgreement (Section 10 before April 29, 2010 and Section 7 after April 29, 2010).

If the application is approved, the SHDM must receive the following documents for review and approval prior to the signature of the various stakeholders:

  • A copy of the loan agreement
  • A copy of the mortgage deed

Note: The notary will need to be present in the offices of the SHDM for the signing of the cession of rank deed and notary fees will be borne by the applicant.

Time for processing and approval: Up to 30 days after receiving all requested documents and information.

Submit a request for information to support the refinancing of your mortgage (cession of rank)
Acheteurs/Reimbursement of the purchase credit/Refinancing - cession of rank
Acheteurs/Reimbursement of the purchase credit/Assignment of property

Transfer between joint purchasers or assignment of property

In some cases, individuals may have to transfer their title of ownership or assign the ownership of their condo without selling it. This can happen, for example, in the case of spouses who are co-owners and who have decided to separate. Note that the assignee will become fully responsible for the terms and conditions of the purchase credit.

The signatories of an Accès Condos Agreement wishing to make a transfer of ownership must obtain the prior approval of the SHDM, subject to the following conditions:

  • The loan must be a closed mortgage and not a home equity line of credit.
  • The primary mortgage must match the loan amount.
  • The terms must comply with the conditions of the Accès Condos Agreement (Section 10 before April 29, 2010 and Section 7 after April 29, 2010).

In order to evaluate the application, the SHDM must receive the following documents for review and approval prior to the signature of the various stakeholders:

  • A copy of the acceptance letter from the financial institution to transfer the mortgage to the assignee
  • A bank statement confirming current outstanding loan balance
  • Acopy of the deed of assignment

Note: The notary will need to be present in the offices of the SHDM for the signing of the deed of assignment and notary fees will be borne by the applicant.

Time for processing and approval: Up to 21 days after receiving all requested documents and information.

Submit a request for a transfer between joint purchasers or assignment of property
Acheteurs/Reimbursement of the purchase credit/Assignment of property
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Refinancing (Cession of rank)

Is there a change of financial institution?
If yes, please specify the name of your former financial institution.
Attachment to include (copy of the loan agreement and a copy of the mortgage deed)
Non-compulsory. Required if the application is approved.
Copy of the loan agreement
Copy of the mortage deed

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Time for processing and approval:
Up to 30 days after receiving all requested documents and information.

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Request for statement of account

Reason for request

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Pursuant to the Accès Condos Agreement, the SHDM may revise the reference price for the purpose of evaluating the part of the reimbursable increase in value if the sale price does not reflect the property’s market value.

Time for processing and approval:
Up to 30 days after receiving all requested documents and information.

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Approval of resale price

Does this transaction include a parking space?
Have you received the official purchase offer?
If yes, please attach a copy of the documents.
Attachment (if applicable to your situation, join the offer of purchase received)

You have another question or wish to include a comment? Please write it here :

Time for processing and approval:
Up to 30 days after receiving all requested documents and information.

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Send my request

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Transfer between joint purchasers or assignment of property

Please attach the documents required for the evaluation of the application.
Copy of the acceptance letter from the financial institution to transfer the mortgage to the assignee
Bank statement confirming current outstanding loan balance
Copy of the deed of assignment

You have another question or wish to include a comment? Please write it here :

Time for processing and approval:
Up to 21 days after receiving all requested documents and information.

The fields in red are required.

Send my request

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Form for registering on the list of SHDM suppliers

In accordance with the Act respecting access to documents held by public bodies and the protection of personal information, to which the SHDM is subject as a public body, the supplier consents to the disclosure of his data entered in this registration form.

The SHDM appreciates your interest and thanks you for having filled out this form. By being on our list of suppliers, we will be able, if necessary, to invite you to send us a quotation (bid).
SHDM is under no obligation of any kind to suppliers who fill out the form.
Do you have any purchase-related questions? Email your questions directly to: approvisionnement@shdm.org

At any time, consult our call for tender notices on the SEAO site at www.seao.ca to check whether calls for tender in your area of activity have been posted by SHDM.

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