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
Mortgage Transfer
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 200 shares type B of a fixed value of $10 ($2000).
02
Investing Period
Invest by acquiring shares and you will receive dividend on your investment. 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. The historical waiting time is around 18 months.
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.
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.
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 before a notary and the monthly occupancy payments are 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.
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 20% 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.
04
Purchase of the property
Qurtuba purchases the property and an occupancy agreement is drawn between you and Qurtuba. You will have to assume the costs of 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 before a notary and the monthly occupancy payments are 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.
What Members Say
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