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| REAL ESTATE - REFINANCE |
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| Normal costs: |
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Legal fees*: $700
[the Metropolitan Toronto Lawyers Association's suggested fee is $1000.00 plus .5% of the purchase price over $100,000; source: Ontario Legal Directory, 2007] |
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| HST: $91 |
Disbursements: [these are approximate "out of pockets" which can vary a bit in each case]
Title search: $50
Execution search: $25
Tax certificate: $50
Title insurance: $170
Register mortgage: $70
Copies: $15
Postage: $6
Couriers: $20
Sundry: $15
HST: $26 |
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| Total: $1250 more or less |
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| *Additional fees may apply if you are using a non-"Schedule A" bank (secondary or lower lenders), and for deal-specific lender instructions such as paying off credit cards/lines of credit/car loans and the like. |
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| When you renew or replace your mortgage, there are a number of legal matters that need to be resolved. |
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| First, we generally are acting for both of you and the lending institution (they make you agree to this to save them money), and so represent both sides. |
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| Second, we will review title of your property and make other investigations to satisfy the lender, and the title insurer, that the loan may be safely advanced. For instance, we need to check for other debts, liens, and executions |
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| Third, we need to arrange for the Discharge of the existing mortgage, and obtain its position as to how much it is owed. |
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| Fourth, we need to communicate with the new mortgage company, and arrange for it to provide the necessary funds for the closing date; we also arrange to obtain a policy of title insurance to cover the possibility of hidden, or latent, defects in title. |
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| Fifth, we need to sit down with you and explain the documents that you are signing, to be sure you understand. |
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| Sixth, we need to attend to the actual closing: delivering certified funds to the current lending company and paying off the current mortgage, and then registering the new one, and then reporting it all to you and the lender and the title insurer. |
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