- Mortgage Services -
Mortgages are a means for a person to borrow money using his
or her own home as collateral on the loan. Mortgages are
usually placed on a home as part of a purchase, however it is
also possible to place a second mortgage on a home or to re-finance
an old mortgage with a new one.
Much of the legal work that is done on a mortgage alone is
similar to that of a mortgage that is done in the context of a
home purchase. If a new mortgage is to be placed on a home
with a different financial institution than the first mortgage,
the new institution will require a lawyer do a number of searches
to ensure that you have clear title to the property so that the
bank has valid security. If a mortgage is to re-finance
a property, some searches (and therefore expenses) can be
avoided, particularly if the financial institution remains the
same; as they will have the original information on file and they
will be less likely to require new searches.
A lawyer will advise you what the institution is requesting;
he will do the required searches, review them to make sure the
title remains valid, receive the mortgage funds from the
financial institution into his Trust account, register the
necessary documents, pay out any amounts from the mortgage funds
as per your instruction, and give the balance of the mortgage
funds to you.
Legal Fees:
Mortgages are charged on a flat fee basis plus disbursements
(the cost of the searches and registration fees). All fees
are subject to GST.
Please feel free to contact my office for more details as
well as my fees and a list of the disbursements.
Send E-mail to David Fysh at david@davidfysh.com