Financing-condition checklist

A financing condition has a deadline. This checklist helps buyers have what the lender needs, so the condition can be removed with time to spare.

Before the offer

• Get a pre-approval, and confirm the maximum price and the down payment it assumes.
• Confirm the down payment is in an account and its source can be documented.
• Ask about closing costs, so the buyer budgets beyond the down payment.
• Agree on the financing-condition length with your brokerage and buyer. Lender timelines vary.

Documents the lender usually asks for

• Government photo ID.
• Employment letter and recent pay stubs.
• Last two years of T4s and Notices of Assessment (employees). Self-employed buyers: see our document guide.
• About 90 days of bank statements showing the down payment.
• Accepted purchase agreement, including all schedules and amendments.
• For condos: status certificate or the documents the lender requests.
• Gift letter, if any part of the down payment is a gift.

After the offer is accepted

• Send the signed agreement to the mortgage professional the same day.
• Submit the full document package early. Missing items are the most common delay.
• Book the appraisal as soon as the lender asks for it.
• Reply quickly to lender requests for clarification.
• Confirm in writing that the lender's approval is in place before removing the condition.
• Arrange home insurance. Lenders require proof before closing.

General information only, not mortgage, legal or financial advice. Lender requirements vary and change.