It’s been a long while – a month – but here’s our story..:
On March 31st, we went to a financial institution (which I will not disclose the identity) because we had been advised by a notary that we should clarify whether we could have a mortgage for the construction of an undivided co-ownership property (the triplex). There’s actually only a handful of institutions in Montreal that can do this kind of transaction. We went to one of them and the lady had a really hard time grasping how much money we personnally had and what we wanted to do with it. Although she said having a lot of experience with mortgages, she was always confusing codominiums and undivided co-ownership, too. Anyway, after 1h20 minutes of talks, it made sense. Her answer was: she didn’t know! She’d ask a co-worker & call us the next morning..
I wasn’t impressed at all, & I made the interview quite tense because I didn’t like her attitude. Francis had a hard time keeping her focused on him. That reminds me oddly of this one time in World of Warcraft where I drew too much aggro and our tank couldn’t keep the mob off me.. but that’s another story 😛 So anyway, the next morning (April 1st, well noted), I called a mortgage broker and she told me right away: this is a situation where I am no longer an individual but rather an entrepreneur. So this is not at all the same process! Because we’ll be selling units, we must provide an insurance with the ACPHQ and the financing process is completely different. For one thing, we don’t go through financial institutions for the mortgage, that’s handled very differently.
A few hours after I hung up with that most helpful lady, the one from the night before called me back. She had discussed the matter with her co-workers (or supervisor?) and told me what to do. You see, we had been pointlessly searching wide & far, because we only needed to subscribe to a single mortgage, the 3 families together! You know what? That has been my best April’s Fool so far, ever! I asked her, not fighting anymore: what if one family decides not to pay? Well, she said, they’ll withdraw from the account anyway, there’s no reason to worry. Wow!! She was so off the track, that’s definitely scary.
Here’s a gentle warning to everyone out there trying something similar to what we’re doing: you are always responsible of your decisions. It’s not because some “expert” tells you this or that, that it’s fool-proof. Double check everything, and especially, keep an eye on your common-sense meter at all times. The next day was way more lucky for us, I’ll tell you more about that chain of events in the next post.