Talk to your mortgage company before the home closing


BURLINGTON REAL ESTATE NEWS

ENSURE YOU TALK TO YOUR MORTGAGE COMPANY

Many prudent buyers will not put an offer on a home until they have some type of pre-approval from their mortgage company.

On finalizing the deal its important for the client to have a detailed meeting with their mortgage representative to ensure they are aware of all the conditions.

For whatever reason when people come in to see a real estate lawyer they seem to be under the impression that we have input in their mortgage. We don’t.

As the real estate lawyer my job is to convey the terms to you, ensure you understand them and that you have accepted them. Its wise for you the client to have read the relevant documents and consulted with your mortgage broker.

At the last minute I have had clients seem surprised by the mortgage terms or that there is a misunderstanding from what their broker initially told them. At this stage, it’s the client’s responsibility to immediately follow up with their broker or mortgage representative and confirm the details. This can become an urgent matter if the closing is only a day or two away.

A common misconception that clients may have is thinking that the real estate lawyer is responsible for negotiating any terms with the lender.

As the real estate lawyer we are legally bound in a real estate closing as acting for not only you the client but also the lender. Therefore, we have legal obligations to both parties.

As a rule of thumb, you should review the terms of your mortgage in detail well in advance of the closing date.

WHAT HAPPENS ON THE DAY OF CLOSING?

On the day of your closing the real estate lawyer is to officially register the mortgage on the title of your property. The mortgage is referred to as a charge. The terms of your mortgage are also registered on title. Basically, what this means is that if a property search were to be performed on your home. It would reveal you as the owner and that there is a mortgage on the property and the company who holds that mortgage.

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211

Rehan Khalil
call or sms me (416) 505-4901
anytime for a free consultation