What you need to discuss with your lawyer and what role they play in your mortgage:
When you are completing a mortgage, for a purchase, refinance or registration of a secured loan a lawyer will be involved. Their level of involvement can vary depending if they are from a closing service (which is allowed for refinances and switches) or a purchase.
It’s critical that you are clear on what their role is and who they represent. If you don’t feel you are getting clarity on what you need to know, ensure you have a lawyer you are comfortable with.
In most cases (except for private mortgages) they represent the lender and the borrower.
Here is a list of things to cover with them that are the borrower’s responsibility.
1. The pros and cons of the different ways of registration that are available so you get the best choice.
2. Qualification for First Time Home buyers Grants
3. Any other tax rebates available
4. Adding spouses on previously owned properties and any taxes that could come up
5. ILA – Independent Legal Advice
6. Spousal consent
In our office we do everything possible to ensure the process with lawyers goes smoothly. When we get a file complete from a lender, we just don’t count on that. We then send all our paperwork to the lawyer and tell them to contact us if they have ANY questions that come up prior to the client coming in. We then follow up further to confirm they have no questions and have made an appointment with the borrower. Not all lawyers have experience with all lenders, and they do not understand the nuances of why the specific lender and terms where selected, and they’re not in a position to comment. Their job is to register title and advise on the grants and tax/cost implications of each way. I hope that helped you gain clarity on the lawyer’s role in your mortgage transaction.
Angela Calla, Mortgage Expert, AMP of the Year in 2009 has been helping British Columbia families save money with the best mortgage strategy for over a decade from her Port Coquitlam office location. She is a regular contributor to national and regional media outlets and long time host of The Mortgage Show on CKNW Saturdays at 7pm, and sits on many advisory boards for mortgage lenders & insures. She can be reached directly to help you at 604-802-3983 or callateam@dominionlending.ca www.angelacalla.ca
