If you’re planning to buy property, you may need a mortgage. And while getting a mortgage may seem straightforward, there are certain aspects of the agreement that could be confusing and, if not well understood, might result in financial repercussions. Because purchasing real estate will probably be one of the most significant transactions of your life, it’s in your best interest to hire a real estate lawyer to review the aspects of your real estate transaction, including the mortgage. It would also be wise to hire a real estate lawyer if you are planning to refinance your mortgage. A lawyer will guide you through the transaction and help you navigate all the legal requirements.
At Bernard Lau and Co. Law Corporation, our experienced real estate lawyer has considerable experience handling mortgage and refinance transactions. We understand the legal implications arising from real estate transactions and can advise you or answer any questions or concerns you may have.
At Bernard Lau and Co., we offer the following mortgage and refinance services:
Independent Legal Advice (also known as ‘ILA’)
Often times, you may not even be the borrower, but simply be asked to obtain independent legal advice, especially if you are signing a mortgage document as the spouse of a borrower, or if you are being asked to act as a guarantor. These are known as ‘Spousal Consent’ and ‘Guarantor/Covenantor’ documents. Before you sign any paperwork, make sure you consult with a real estate lawyer to explain to you the legal consequences of any legal agreements that you enter into before you sign on the dotted line. In some cases, your family member may be denied the mortgage unless you sign away certain rights or assume certain legal obligations, but at the very least, you should be aware of what those rights and obligations are and a real estate lawyer is the most suitable legal professional for giving independent legal advice.
There are different types of mortgages, each of which has conditions such as the interest rate, payment period, and the amount the borrower is to pay regularly. While a mortgage advisor can explain all the terms of a mortgage agreement, our real estate lawyer will review the fine print and ensure you understand your rights and legal obligations and the legal implications or concerns that you should consider as a borrower.
When you refinance your mortgage, you are replacing the existing (often maturing) mortgage with a new mortgage. You may choose to refinance your mortgage to get a lower interest rate or to lower your monthly payments, or your mortgage may simply be coming to the end of its term. Refinancing your mortgage also allows you to switch to a different lender and re-negotiate the terms of your mortgage to reflect your current situation. Our real estate lawyer will help you understand and work with you and your lender to help you meet the requirements for refinancing. We will also ensure that the outstanding balance on your existing mortgage is paid from the funds received in refinancing to discharge any prior mortgages on title. If you change your lender, we will ensure the previous lender’s mortgage is properly discharged from your property title to fulfill the requirements of your refinancing.
How can our real estate lawyer help?
Simplifying the process
Mortgage and refinance agreements involve legal paperwork with technical language or legalese. In such transactions, it’s important that you understand the contract you’re entering with a lender before signing any documents. Our real estate lawyer will review all documents and ensure you understand all terms and conditions of your mortgage.
Protecting your interests
When closing on your mortgage or refinancing agreement, it’s crucial to have someone looking out for your interests. At Bernard Lau and Co., we have a fiduciary duty to act in your best interests and to ensure that your interests are protected.
Speak with our real estate lawyer today
Our real estate lawyer has extensive knowledge and experience handling mortgage and refinancing agreements with nearly all financial institutions. We will provide legal advice to ensure that you are properly advised and your interests are protected.