Home Buying
Interest-free Home Buying Program
The main objective of Qurtuba is to offer Quebec residents the opportunity to acquire houses at reasonable prices while avoiding paying usurious interest (Riba). Whether you are a first-time home buyer, or a home owner wishing to transfer your mortgage, you are welcome!
First Time Home Buyer
First Time Homebuyer
Switch Your Mortgage to Qurtuba
Move Your Mortgage to Qurtuba
First Time Home Buyer
As a first-time home buyer, you probably have a lot on your mind. Thankfully, Qurtuba got experience and resources to help you on purchasing your first home.
01
Membership
Agree upon Qurtuba’s terms and open an account by submitting the membership application form, paying the membership fees and acquiring a minimum of 20 shares type B of a fixed value of $100 ($2000).
You shall acquire a minimum of 20 shares ($2000) in each calendar year in order to keep your membership active.
02
Investing Period
Invest by acquiring shares and you will receive dividend on your investment as long as you are not taking benefit of a housing unit. You continue to invest until you reach the amount of $60,000 that allows you to enter the home buying priority list.
Your should keep your investment for 6 months to be eligible to our housing program. Your waiting time is approximately 12 to 18 months but it could be sometime earlier than that.
03
Selection
When your turn arrives, a letter of authorization and proxy will be issued to you so that you can make purchase offers on behalf of the Cooperative.
Qurtuba uses the principal of Partnership in which partners share in the profits and losses. It is an ideal alternative for the interest-based financing.
04
Choosing Property
Select your property and make purchase offers on behalf of Qurtuba. When your offer is accepted by the seller and purchasing application is approved by Qurtuba, an approval letter is issued.
Qurtuba purchases the property and an occupancy agreement is drawn between you and Qurtuba.
05
Occupancy
Once Qurtuba has purchased the housing unit for your benefit, Qurtuba will issue type A shares of equal value. Type A shares are not eligible for dividends.
An occupancy agreement will be drawn and the “Monthly Occupancy Value” (MOV) of the housing unit is established.
06
Transfer
When you have acquired shares of the cost of the house at the time of purchase, you will become eligible to apply for transfer of the house in your name.
Qurtuba will be responsible for the payment of notary fees and transfer tax arising from the transfer of the property to the member.
Switch Your Mortgage to Qurtuba
You are a homeowner and want to transfer your mortgage from your current holder to Qurtuba? Hereby, the main steps to follow. Please note that not all mortgages can be transferred. You have first to check with your current lander before following these steps.
01
Membership
Agree upon Qurtuba’s terms and open an account by submitting the membership application form, paying the membership fees and acquiring a minimum of 20 shares type B of a fixed value of $100 ($2000).
02
Property Value
Qurtuba takes into account the municipal assessment of the property in the transfer of the property.
If you find that the price of the property needs to be lowered, a report produced by a licensed appraiser should be ordered.
03
Investing Period
You acquire a minimum number of shares whose amount is equal to or exceeds 5% of the mortgage. If the equity on the property exceeds 25% of its value, you don’t have to buy more shares.
Your should keep your investment for 6 months to be eligible for the transfer. You will get dividend on your investment as long as your property is not transferred to Qurtuba.
04
Purchase of the property
Qurtuba purchases the property and an occupancy agreement is drawn beteen you and Qurtuba.
The notary fees and the mutation tax (Welcome tax) are shared 50% between you and Qurtuba. However, you will have to assume the costs of issuing the Mortgage Receipt issued by your bank.
05
Occupancy
Once Qurtuba has purchased the housing unit for your benefit, Qurtuba will issue type A shares of equal value. Type A shares are not eligible for dividends.
An occupancy agreement will be drawn and the “Monthly Occupancy Value” (MOV) of the housing unit is established.
06
Transfer
When you have acquired shares of the cost of the house at the time of purchase, you will become eligible to apply for transfer of the house in your name.
Qurtuba will be responsible for the payment of notary fees and transfer tax arising from the transfer of the property to the member.
What Members Say
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