The give the member a more clear understanding of how the account works and what is required, they will need to sign The First Time Homebuyer Savings Account Agreement. 

The reason for the agreement is to clarify some of the qualifications and restrictions. 

• If the member buys a house or closes the account within the first 6 months there will be a processing fee of $150.
• Deposit limits and qualifications.
• Advise the member to consult a tax professional for any questions regarding deductions, taxable income or distributions.

This can be found on SharePoint/Documents by Category/Disclosures/First Time Home Buyer Account Agreement. 

• A copy of this will need to be given to the member.
• The original will need to be scanned into Laserfiche using the Miscellaneous cover sheet.

Reminder* when opening a First Time Homebuyer Savings Account be sure to:

• Select the appropriate Suffix 
  • 017- FIRST TIME HOME BUYER SAVINGS (individual) 
  • 018- JT FIRST TIME HIME BUYER SAVINGS (joint)
• Go back to the balance screen, click on the First Time Home Buyers Savings account and change the Share Description from FIRST TIME HOME, JT FIRST TIME HB to: 
  • FIRST TIME HOMEBUYERS SAVINGS
  • JT FIRST TIME HOMEBUYERS SAVINGS