Skilled B.C. Real Estate Lawyers Providing Mortgage Services
A mortgage forms a part of nearly every residential and commercial real estate purchase, but sometimes people obtain a new mortgage for a property they already own, also referred to as refinancing. People look to refinance their property for a variety of reasons. They may wish to consolidate debt, renovate their home, start a new business, or pay for a large expense such as a child’s post-secondary education. They may simply want to restructure their existing mortgage payment schedule or take advantage of a more favourable interest rate.
The reasons for refinancing are endless, but the process is generally the same in each instance. Lenders often require strict conditions be satisfied prior to releasing the mortgage funds, and in many cases, there are third-party lenders or creditors who need to be paid from the proceeds. Securing highly skilled legal representation such as the mortgage lawyers at Cherkowski Marsden LLP to oversee your mortgage transaction is important in order to effectively coordinate the various parties and ensure all obligations are completed before the refinancing date.
What to Expect When Closing a Mortgage
The legal portion of a refinance transaction should begin approximately two weeks ahead of the registration date, which refers to the date the funds are released by the lender and the new mortgage is registered on title. It is important to give your lawyer sufficient time to properly execute the necessary searches, document review and coordinate efforts with your lender and any other parties involved. Two weeks is generally enough time for your lawyer to review title to the property and ensure it’s in good condition to satisfy the lender’s requirements, purchase title insurance if required, and prepare all of the documents for signature before registration.
When working with Cherkowski Marsden LLP on a refinance transaction, you can expect the following:
- We will contact you upon receipt of your file to discuss the transaction, and any concerns or priorities you have, including the payment of third-party lenders or creditors from the proceeds.
- We will coordinate with all of the parties involved and ensure that all obligations are met by the registration date.
- At the request of the lender, we will perform and review a search of the property’s title, complete a tax search to verify there are no existing municipal property tax arrears, and order a title insurance policy if required;
- We will prepare all of the legal documentation and meet with you to sign everything prior to the registration date.
Refinancing a home may seem like a relatively simple endeavour, however the timing of process can be critical. There may be strictly-held deadlines for payout of previous debts, and a delay in the registration of the new mortgage will potentially result in costly late fees with third-party lenders.
Making Refinancing Simple and Hassle-Free
Our real estate lawyers are exceptionally skilled in overseeing refinance transactions and will work to ensure the process runs smoothly and efficiently up to the date of registration. Our approach with clients is designed to make the process as stress-free as possible. In an effort to simplify the process, we have embraced a variety of technical tools that allow for the easy exchange of information and documents between lawyer and client, making last-minute trips to the office unnecessary. Our lawyers and staff also make it a priority to be easily accessible to our clients in the event of any questions or concerns throughout the process.
Our clients benefit from more than 50 years of combined real estate experience. Our lawyers will anticipate issues and provide solutions proactively before they can threaten the closing of a mortgage transaction. In our years of practice, there is no issue we haven’t encountered before. Clients can rest assured knowing their matter is in the hands of skilled professionals.
For Experienced Representation in a Mortgage Refinance, Contact Cherkowski Marsden LLP
Working with a skilled real estate lawyer to refinance your property ensures a smooth and efficient process from start to finish. We will provide a stress-free transaction and keep you informed throughout the process. Contact the experienced real estate lawyers at Cherkowski Marsden LLP in Vernon & Salmon Arm for trusted legal representation with respect to your new mortgage. You can reach us online or by phone at 250-308-0338 (Vernon office) or 250-803-9171 (Salmon Arm office).