We have completed many Alberta residential mortgage refinances. With an in-depth knowledge of refinancing requirements, we can assess and advise you of all potential legal implications.
What's Included in Our Legal Fees?
- Legal fees to complete a mortgage refinancing without the resolution of any unforeseen legal issues
- Disbursements: administration, photocopying, fax, courier / postage, econveyance, title search, copies of Land Titles documents, certified copy of certificate of title, property tax search
- Land Title Office fees to register one mortgage
What's Not Included in Our Legal Fees?
Our fees do not include the following:
- Ordering an estoppel certificate and/or insurance certificate
- Encumbrance reviews
- Discharge of more than one mortgage or other debts, such as lines of credit and credit cards (additional discharges are $75 + GST each)
- Title insurance, if required
- Obtaining or updating the Real Property Report and obtaining a Certificate of Compliance, if required
What We Require to Get Started
We will need:
- The amount of the new mortgage and the name of the lender
- The names and amounts of all existing mortgages, along with the branch numbers, loan numbers, and addresses of all mortgagees
- The amount of any other debts, such as credit cards and lines of credit, to be discharged by the new mortgage, along with payout statements and/or credit card statements
- The names and amounts or lines of credit to be discharged
Other requirements:
In addition to the above, you may need to provide the following to avoid any delays:
- Property Taxes: Provide confirmation that your property taxes are up to date. If you are not able to do this, we can request a tax certificate to provide confirmation.
- Fire Insurance: Provide confirmation that your fire insurance policy shows the new mortgage.
- Second Mortgages: If you are applying for a second mortgage, provide the name, branch number, loan number, and address of the first mortgagee so we can confirm that the first mortgage is in good standing.
- Condominiums: If you are refinancing a mortgage on a condominium, we will need an estoppel certificate and a certificate of insurance from the condominium corporation or the property management company.
Do You Need a Lawyer to Refinance Your Mortgage?
There is no requirement in Alberta to use a lawyer for refinancing a mortgage. To help you make your decision, you should be aware of all the steps required to assess the transaction, prepare all documents, and make the necessary filings:
We will:
- Ensure that the lender's commitment and loan documents are consistent with your mortgage application requirements
- Conduct a title search
- Review any encumbrances on the title, such as liens, pending litigation, other known mortgages, etc. Additional legal fees for removing these encumbrances will apply.
- Prepare the new mortgage and other required documents
- Determine the balances of your existing mortgage(s), line(s) of credit, and other debts that are to be paid from the proceeds of the new mortgage
- Properly discharge any existing mortgages or other debts. If this is not done, your may encounter future problems obtaining clear title when you want to sell your residence.
- Deposit the new mortgage proceeds, net of disbursements and other fees, directly to your bank account (if dealing with the five major Canadian banks).