I have a mortgage to pay out on closing – how do I get this done?
When representing the seller, we are required by the buyer’s lawyer to provide an undertaking (a solemn promise between lawyers than must be honoured) to payout and discharge any existing mortgage or charge on title that the buyer is not taking on. As such, it is our job to contact your lender and order an official payout statement from them. This document is provided by the lender and states precisely how much money they need to payout and provide a registrable discharge of their mortgage. Our office must have this in hand to be able to provide the undertaking, and this is always reviewed with the client prior to completion. Sellers will be asked to provide their lender name, branch at which the loan was taken, any lender contact details they may have, and of course the mortgage account or reference number. So, to payout your mortgage, you need not do anything but provide us with the necessary information and we’ll take it from there.
- What is a Property Condition Disclosure Statement?
- What is the difference between the completion date, possession date and the adjustment date and how does this affect me as a seller?
- I have a mortgage to pay out on closing – how do I get this done?
- What charges can I expect when paying out my mortgage?
- Why is my prepayment penalty higher than I thought?
- What are my closing costs?
- Paying the realtor – how does this occur?
- How are the property taxes, utilities, pad rent, strata fees or other adjustments dealt with when selling a property?
- What happens if I can’t afford to clear title to the property?
- What must I do if I am not a resident of Canada and I want to sell my property?