MORTGAGE
Whether you have arranged a new mortgage for the purchase of a home OR if you have arranged a new mortgage on your existing property, ensure that the mortgage company (the "Mortgagee") is agreeable to allow your solicitor to complete all documentation. This will prevent you incurring payment of legal fees to two lawyers/solicitors. Lawyers are allowed to act for both the property owner/purchaser as well as the mortgagee, provided that both parties agree.
As your solicitor we will:
- Request that you provide certain documentation to assist us in the preparation and completion of all mortgage documentation
- Request a discharge statement from your existing mortgage company, if any. From the new mortgage monies, we will deliver the required monies to pay off and discharge the existing mortgage(s) and obtain and register the Discharge(s) of the existing Mortgage(s) at the Registry Office
- Discuss with you our legal fees and disbursements regarding your mortgage/refinance
- Resolve any title problems that may arise as a result of our search of title to certify title to the mortgagee
- Provide you with our Trust Ledger Statement and Account in full accountability of all monies received on your behalf from the Mortgagee and all monies paid on your behalf to pay your existing mortgages, outstanding taxes, executions, debts as may be required by your new mortgagee
- Instruct you to contact your insurance agent to amend your house insurance policy to reflect the name of your new mortgagee. Please note, we will be required to provide to your new mortgagee evidence of such insurance in exchange for the receipt of the mortgage monies
- Request you provide us with evidence that all realty taxes due and owing to the date of closing, have been paid in full or obtain instructions from you to pay all outstanding taxes from the mortgage monies received. Please note that if your mortgage is for the purpose of a purchase, we will obtain the necessary tax evidence from the Vendor or tax department.
