Getting Everything Settled

Your lawyer will act on behalf of you and your financial institution by preparing the mortgage documentation according to the instructions they receive from your lender. In most cases, you will meet with your lawyer after you have already met with your lender.

Specific details such as the mortgage amount, interest rate and repayment options will be explained to you when the documents are signed at the lawyer’s office. The lawyer will also review the rights and obligations of each party under the agreement and, if you find them acceptable, you will be asked to execute the document under seal with your signature.

Clients are occasionally a bit surprised at the whole process. The thought of having to see a lawyer to get a loan isn’t usually first and foremost on your mind when all you are trying to do is renovate your basement. But if your lender wants security in a property in return for the loan, then your refinancing needs will normally involve the preparation of a mortgage by a lawyer.

In addition to preparing a mortgage, the lawyer will ensure the security offered is properly in place prior to any release of funds from your lender. The lawyer may also be responsible for “paying out” other creditors such as credit card companies, but usually your lender will deal with those matters directly.

If your lawyer has been instructed to pay out various creditors, they will attend to these matters in a timely manner once the registration process at the Land Titles Office is completed.

Once the registration process is finished, your lawyer will provide you and your lender a copy of your new Title proving that the lender’s security is properly in place. The lawyer will also confirm that all other creditors have been paid out as instructed.