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Mortgage Refinancing Fees: Alberta Residential Properties

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We have completed many Alberta residential mortgage refinances. With an in-depth knowledge of refinancing requirements, we can assess and advice you of all potential legal implications.

Legal Fees: Mortgage Refinancing (Alberta)

Mortgage Amount Fees
Under $400,000 $850.00
$401,000 - $600,000 $950.00
$601,000 - $800,000 $1,100.00
$800,000 - $900,000 $1,300.00
$901,000 – $1,000,000 $1,400.00
Over $1,000,000 Contact Us

The fees above do not include GST or disbursements

Fees are effective June 1, 2021 and are subject to change

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

We do not charge additional fees for:

  • Rush transactions
  • Mortgages from lenders other than the five major banks (this usually requires more work on our part)

What's Not Included in Our Legal Fees?

Our fees do not include the following:

  • Ordering an estoppel certificate and/or insurance certificate
  • Registration of more than one mortgage
  • 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).

Ready To Get Started?

Contact us today.

Contact Us Today

MerGen Law LLP is committed to answering your questions without all the confusing legal jargon.

We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.