Accredited Mortgage Professional (AMP)

The Accredited Mortgage Professional (AMP) is Canada’s national designation for mortgage professionals. Launched in 2004, the AMP was developed by CIMBL as part of an ongoing commitment to increasing the level of professionalism in Canada’s mortgage industry through the development of educational and ethical standards.

Adjustments on Closing

There are two types of adjustments for which a buyer can be charged on closing;

* Prepaid services. Where the sellers have prepaid property taxes or certain utilities, the buyers can be charged for the amount of prepayment on a pro-rata basis, depending on the date of occupancy. For example, if the sellers have paid the property taxes to the end of the year, and the sale closes on October 15th, the purchasers will be charged with an adjustment of 77/365′ths (the number of days remaining in the year) of the total paid for the year.
* Interest. This is the amount of interest required to be prepaid up to the Interest Adjustment Date (IAD). IAD is the point at which