- 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. It is a good idea to allow at least 10 business days from the time of signing the documents for your mortgage at the bank to the closing date.

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 expenses can be avoided, particularly if the financial institution remains the same; as only a lender title insurance policy must be secured.

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:

The fee for a mortgage is $450.00 plus HST + disbursements (the cost of the searches and registration fees). 

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

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