FAQs

Several steps were taken to set the date of September 1. Extensive consultations with the neighborhood and targeted meetings were held in June, July, and August 2024. In addition, management tools and legal documents have been developed and tested since that time.

In order to take into account the limited availability of certified appraisers in Rouyn-Noranda, the Program provides for a single appraisal at Agnico Eagle's expense (appraiser chosen by the owner from the list provided).

In the event that the appraisal is not deemed acceptable by either party:

• Agnico Eagle may request a second appraisal at its expense;
• The owners may request a second appraisal at their expense, but this expense will be reimbursed if the transaction is completed; 
• If the two most recent appraisals show a difference of 10% or less, the higher appraisal will be retained. If the difference between the two most recent appraisals is more than 10%, the proposed amount will be the average of the two.  

No negotiation is possible.

The VAP came into effect on September 1, 2024, and will end at the conclusion of the advanced exploration phase of the Wasamac mining project or when it is replaced by an equivalent program targeting the project's exploitation phase.

Eligible owners are entitled to reimbursement of reasonable moving expenses up to 10% of the market value established by the certified appraiser. The expenses covered are detailed in a document provided to owners and include, among other things, moving expenses and legal fees for the purchase of a new property.

Owners who wish to make use of the VAP will be invited to an information meeting with a member of the community relations team so that the process is clearly explained and understood by all parties.

The objectives of this meeting will be to:

• provide information about the Program and the steps involved in the process;
• document the owner's intentions and answer their questions; and
• obtain summary information about the property in order to verify, in particular, whether the owner:
  • is eligible for the Program; and
  • owns other properties or lots in or near the area covered by the Program.

The process takes approximately 10 to 12 weeks to complete. The main steps are:

1. Introductory meeting with the owner wishing to relocate.
2. Preliminary information gathering and presentation of the acquisition opportunity to Agnico Eagle.
3. Second meeting with the owner to open the file.
4. Appraisal of the property by a certified appraiser.
5. Analysis of the complete file by Agnico Eagle.
6. Presentation of the offer to purchase to the owner.
7. Finalization of the deed of sale by a notary.

Allow one month between steps 6 and 7.

Any owner may withdraw from the Program at any time prior to signing the letter of offer. However, the owner agrees to bear the costs of any repetitive procedures, i.e., costs already incurred once by Agnico Eagle under the Program prior to the owner's discontinuation of the acquisition process (e.g., appraisal costs).  

Yes, it may be possible to agree on a later date for Agnico Eagle to take possession after the transaction (up to a maximum of 6 months after the transaction) to allow owners to use their equity to purchase a new property. The terms of this occupancy will be outlined in the purchase agreement, if applicable.

A mortgage is a loan secured by property, such as a house. When you take out a mortgage, the lender registers interest in, or a charge on, your property. This means the lender has a legal right to take your property.

They can take your property if you don’t respect the terms and conditions of your mortgage contract. This includes paying on time and maintaining your home.

When you pay off your mortgage and meet the terms and conditions of your mortgage contract, the lender doesn’t automatically give up the rights to your property. There are steps you need to take. This process is called discharging a mortgage. (Source: https://www.canada.ca/fr/agence-consommation-matiere-financiere/services/hypotheques/quittance-hypothecaire.html)

The discharge signed as part of the VAP serves to confirm that the transaction was made with full knowledge of the facts by the seller and to release the buyer from any claims the seller may have in connection with the project prior to the completion of the sale of their property.

Market value

Under the VAP, the market value of the property is determined by a certified appraiser.

Market value, according to the standards of practice of the Ordre des Évaluateurs agréés du Québec (Quebec Order of Chartered Appraisers), is defined as follows:

It is the most probable fair price for the actual or presumed sale of a property, on a given date, in a free and open market, meeting the following conditions:

• The parties are well informed about the condition of the property, market conditions, and reasonably well advised about the most likely use of the property.

• The property has been on the market for a sufficient period of time, considering its nature, the significance of the price, and the economic situation.

•    Payment is expressed in cash (CAD) or equivalent;

•    The sale price must disregard any consideration unrelated to the property itself and must represent the true consideration, net of the impact of incentives, conditions, and favorable financing.

Certified appraiser

The job of a certified appraiser is to formulate an objective opinion on the value of real estate property or rights on a given date. As a member of a professional association, appraisers must comply with standards of practice and a code of ethics, and are subject to inspections of their professional practice.