By Winnie J Luk

Mortgage

When obtaining a mortgage to finance the purchase of your home, your lawyer must:
gather from you supporting materials,
arrange for you to sign documents, and
confirm the all materials are in order before the loan may be released,all before closing on behalf of the lending institution for compliance purposes.

Such procedures are lengthy. Accordingly, legal professionals request the clients confirm their financing matters with the lending institution at the earliest convenience so that the lender can forward loan instructions to the lawyer as soon as possible.

As a heads up, the lending institution will typically require the following steps to be performed between the lawyer and client before closing.

For Freehold Homes
Updating the home / fire insurance policy to reflect the lending institution and address of service as the loss payee effective the closing date
Consent re Conflict to have your lawyer act for you and your lender
Acknowledgement re Title Insurance
Acknowledgement re Standard Charge Terms of Mortgage
Acknowledgement and Direction for your lawyer to electronically register your deed and mortgage on the closing date
For Condos
Status Certificate issued by the condo corporation within 90 days before closing
Statutory Declaration re Owner Occupied
Consent re Conflict to have your lawyer act for you and your lender
Acknowledgement re Title Insurance
Acknowledgement re Standard Charge Terms of Mortgage
Acknowledgement and Direction for your lawyer to electronically register your deed and mortgage on the closing date.

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Disclaimer: This article does not contain legal advice and only provides general information. It is not intended to replace advice from a qualified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this article before making decisions. Use of this article does not establish a lawyer-client relationship.