PREPARATION OF FILE
What you Do
In preparation for the closing of your refinance transaction, you will be required to do the following:
- Arrange mortgage refinancing. Advise your lender to send all mortgage documents to our Orleans (east end) office as early as possible before the scheduled closing date. You must make all arrangements directly with your lender concerning frequency and mode of payment. Remember to discuss with your lender any extra charges they might require (for eg. CMHC, GE charges, administration fees, appraisal fees, commitment fees etc.).
- Advise us of any mortgages or secured lines of credit that you currently have registered on the property.
- Inform yourself of your mortgage payout figures. Inquire with your bank as to what penalties, administration fees, discharge fees, etc., will be charged. Please be aware that on mortgage payouts, daily interest applies to the next business day as per your banks instructions.
- Provide us with a copy of existing Mortgage or Deed. (1st. page only)
- Provide us with a copy of your most recent tax bill marked paid and/or proof of payment.
- Contact your insurance broker for your fire insurance (this does not apply to condominiums). Please ensure that your insurance broker sends us a copy of the insurance binder before closing. The binder must indicated 1st Mortgage and 2nd Mortgage (if applicable) as the institution(s) from which you are borrowing (usually the Head Office not the local branch).
- Advise us immediately if you will be unavailable to attend one of our offices on or before closing to execute the closing documents. Depending on the circumstances, our recommendations may include: appointing an attorney by way of Power of Attorney to execute the documents on your behalf; changing the closing date; or we may require that you make arrangements to meet with a lawyer in the jurisdiction where you are located to execute the closing documents.
- Inform us of any potential problems such as court judgements on title, matrimonial separation, tax arrears, shortage of funds to pay mortgage(s), house problems, etc.
What we do
In preparation for the closing of your refinance transaction, we will do the following:
- Prepare usual documents for the closing of the transaction
- Obtain sub-search of title
- Request, Obtain and Review payout figures of any outstanding amounts on any mortgage(s) and arrange for payment of these from refinance proceeds
- Arrange title insurance, if applicable
- Payment of our legal fees and disbursements from refinance proceeds, or obtain and process cheque from client
- Meet with you for final signatures at one of our three conveniently located offices
- Balance of refinance proceeds will be given to you directly or deposited into your bank account (you must provide us with a VOID cheque for this service)
- A final reporting letter will be given to you at the final appointment
We usually contact you three (3) to four (4) days before the closing date to arrange for an appointment to review your file and sign your final documents. This will be the only time we contact you unless any issues arise with your file and/or we require additional information. The final appointment is usually held one (1) or two (2) days before your closing day.
You will either meet with Jacques Robert, Robin Goski or one of our highly trained legal assistants to sign all relevant documents. This meeting for signatures will take approximately ½ an hour and all Mortgagors (Borrowers) need to be present.
At this time, we will require that you bring the following:
- Two pieces of identification (at least one with photo). Acceptable ids include: driver’s licences, permanent resident cards, passports, Ontario new photo id cards, credit cards and birth certificates. If you do not have adequate identification, please contact us well before the closing date to discuss.
- VOID cheque (if you would like for the refinance proceeds to be automatically deposited into your bank account & to confirm the account from which your mortgage payments will be debited).
On the day of closing, your transaction will be completed by 5:00 pm. The actual time depends on the following factors:
- The time the mortgage funds arrive at our office (some banks wire funds only after 12:00 noon); and
- high volume of closings on-line (mid-month and month-end are particularly busy).
Once the transactions closes, and registration occurs, we will contact you to advise.
If you wish to pick up your mortgage proceeds personally, you may do so at our Orleans location late on the day of closing. However, if you have requested direct deposit, please note that your deposit may only be effective the following business day, depending on when we receive your proceeds and your bank’s policies.
Concerning secured lines of credit, our office sends a confirmation form by fax to your lending institution to notify that your mortgage has been registered on the day of closing. Once this form has been received by your institution you are usually free to use your credit line.