FAQ

I’ve paid my property taxes, now what should I do?

I’ve been making payments on the TIP program for payment of my property taxes all year, now what should I do?

I’m pretty sure I’m over or under paid for this year’s property taxes, what should I do?

I’ve paid my insurance premium, now what?

My accountant has just finished my property or my company’s financials statements – now what?

I’ve got a recent rent roll – now what?

I’ve completed some repairs for environmental work for which the lender held back funds at closing, now what do I do?

I’m contemplating the sale of my property, what should I do?

Whoops, I think I’m late with my payment, what happens now?

It’s getting time to renew, what should I do?

I’m considering paying out my mortgage, what should I do?

I’ve paid my property taxes, now what should I do?

As CMLS requires confirmation that realty taxes are paid by the due dates as well as the amount of the taxes, please provide us with a copy of your tax notice which has been stamped by your municipality or bank. If your notice has not been stamped, also provide a copy of your cancelled cheque (front and back). If you do not have your tax notice, your municipality will provide a tax certificate.

I’ve been making payments on the TIP program for payment of my property taxes all year, now what should I do?

Please provide us with confirmation that your TIP program is current and in good standing and the amount of the current year’s taxes.

I’m pretty sure I’m over or under paid for this year’s property taxes, what should I do?

When making property tax installments to CMLS, please provide us with a copy of your tax notice upon receipt. We will contact you and request a further payment if there is a shortfall. If you have overpaid, we will adjust your installments.

I’ve paid my insurance premium, now what?

A copy of the insurance policy should be sent to CMLS.

CMLS should be provided with a copy of your financial statements (as well as an income and expense statement for the property if not included in the financial statements) within 90 days of your company’s year end.

Along with the financial statements, a current rent roll should be provided to CMLS.

Contact CMLS by email or facsimile requesting a loan statement. For faster service, have your loan number and year end available. If your accountant will be contacting us directly, ensure that he/she is has written authorization from you to allow us to provide information to him/her.

I’ve completed some repairs for environmental work for which the lender held back funds at closing, now what do I do?

As each lender has different requirements, the best place to start is by providing CMLS with confirmation from the relevant consultant that the work has been completed as required (i.e. letter of update from environmental consultant). CMLS will also require confirmation that all trades have been paid for the work done (i.e. copies of invoices).

CMLS should be contacted immediately to determine whether the mortgage is assumable. Provided the mortgage may be assumed, CMLS should be provided with the following information in order for the lender to determine the acceptability of the purchaser:

1. purchase agreement
2. financial statements for the purchasing company
3. net worth statement for any guarantors
4. operating statement for the property.

A review will be done of the purchaser’s insurance policy. Other information may be requested as necessary.

Contact CMLS as soon as possible by phone or email and provide your payment as quickly as possible. Upon receipt of your payment, late interest will be assessed and you may be invoiced.

It’s getting time to renew, what should I do?

CMLS will contact you approximately two months prior to the expiry date of your mortgage to discuss renewal terms. We will require current financial statements for the borrowing company (or a current net worth statement if the borrower is an individual) as well as a current rent roll and property operating statements. Other information may be requested as necessary.

I’m considering paying out my mortgage, what should I do?

CMLS should be contacted as soon as possible by phone or email to determine under what terms your mortgage can be repaid in full. If there is a prepayment penalty, this penalty will be calculated in order to assist you in considering paying out your mortgage. Then request a payout statement from CMLS for the anticipated date of payout.