- Between 1.5% and 3% of the purchase price
- When there is a mortgage default insurance premium
- On a new home, HST is charged; however, the builder may include it in the purchase price. If it is not included, it must be paid on closing. In addition, there is a HST rebate applicable to new homes, substantially renovated homes, and modular and mobile homes for which an application must be completed.
- This document allows the Lawyer to close the transaction electronically.
- This document allows the Lawyers to handle the client’s documents and funds and by signing this document, both Lawyers agree to undertake their professional obligations as to the handling of these documents and funds.
- The IAD is the interest adjustment date, which is the date that the interest adjustment payment is due.
- A subsearch is an update of a previously completed full search, commonly performed on behalf of a purchaser by his or her lawyer immediately prior to registration of a transfer, and on behalf of mortgagees immediately prior to the registration of a mortgage.
- The purchaser’s lender is satisfied that all conditions have been met
- Either the borrower or the lender
- This package commonly contains:
- A copy of the lender’s mortgage approval
- The lender’s disclosure statement
- Solicitor’s Final Report and Certificate of Title document for the lawyer to fill in
- Solicitor’s Interim Report and Requisition for Funds document for the lawyer to fill in
- Pre-authorized Debit Form
- Acknowledgement and Direction
- Instructions on the requirements for title-insured mortgages and non-title-insured mortgages
- Requirements regarding property insurance, surveys, condominium units, proof of identity, etc.
- The lawyer is required to inform the lender if they become aware of any secondary financing. This may cause the transaction to be cancelled.
14. Does the purchaser’s lawyer or the vendor’s lawyer register the discharge/cessation of mortgage?
- The vendor’s lawyer registers the discharge/cessation of mortgage, transfer/deed, charge/mortgage and advises the purchaser’s lawyer of registration
- The vendor’s lawyer releases funds and documents and sends money to the original lender to discharge the current mortgage (if applicable)
