Mortgage Refinancing Lawyer in Toronto
Insight Law Professional Corporation is a Law Firm Located in Toronto that provides individualized attention for Mortgage Transactions. Our Mortgage Lawyer will manage and coordinate the transaction to ensure compliance with the required legal documentation and meet with you for signing. We assist our clients every step of the way. We recognize different types of properties and their unique considerations and guide our clients through the complexities of such transactions.
While making every effort to ensure the transaction is closed smoothly and on time, we assist you in understanding the transaction details and strive to be accessible throughout the process.
We are conveniently located in Midtown Toronto, minutes from the Eglinton-Yonge subway station. Contact us at 647-300-8391 or click the button above to book a FREE consultation.
Mortgage Transactions (Refinance)
Refinancing your mortgage can be a wise financial move, allowing you to access the equity in your property and potentially lower your monthly mortgage payments. However, the process of refinancing can be complex, and it’s essential to work with a Toronto real estate lawyer to protect your interests.
By reviewing mortgage documents, conducting title searches, coordinating with the lender, ensuring compliance with regulations and lender requirements, and providing legal advice, your lawyer can help you navigate the refinancing process.
✔ Reviewing Mortgage Instructions
✔ Reviewing the Agreement of Purchase and Sale (if applicable)
✔ Reviewing Title Searches
✔ Preparing mortgage, refinancing and other closing documents
✔ Coordinating payment of the mortgage balance and completing the discharge
✔ Communicating with financial institutions (if necessary)
✔ Contacting you to book an appointment for signing
✔ Remote signing available at no extra cost
Additional charges for transactions >$1M
*Additional charges will apply for special conditions such as multiple mortgage, bridge loan, private lender, rush fees, investment properties, commercial properties, etc. Please contact us for a personalized quote tailored to your specific situation.
Refinancing a Mortgage
Refinancing a mortgage is preferred for various reasons. Most people see that as a smart financial move that can help them save money on their monthly mortgage payments, reduce the interest they pay over the life of the loan, or access the equity in their home. However, one aspect of refinance transactions that should not be overlooked is the legal considerations involved in refinancing.
One of the most important legal considerations when refinancing your mortgage is to understand the role of a real estate lawyer. A real estate lawyer can help you understand the terms of the refinancing agreement, review the legal documents associated with the transaction, and ensure that the transaction complies with all applicable laws and regulations.
When choosing a real estate lawyer for your refinance transaction, you might want to look for a lawyer who has handled similar transactions and has a strong understanding of the legal issues involved in refinancing.
Why Choose Insight Law Professional Corporation
Real Estate Lawyer Frequently Asked Questions
Real estate lawyers provide a wide range of services, including drafting and reviewing contracts, negotiating deals, conducting due diligence, advising on zoning and land use regulations, handling title searches, and order title insurance.
Whenever you are involved in a real estate transaction, whether you are buying, selling, leasing, or managing property, you should consider hiring or consulting a lawyer.
A title search is a process of examining public records to determine the legal ownership of a property and to identify any liens, mortgages, or other encumbrances on the property.
Title insurance is an insurance policy that protects the buyer and lender from losses that may occur due to defects in the title, such as undisclosed liens, boundary disputes, or errors in public records.
Disbursements refer to the various expenses incurred during a real estate transaction. These expenses can include things like land transfer taxes, title searches, title insurance, appraisal fees, tax certificates, software and office charges, and any other costs that are associated with the transfer of ownership from one party to another.
The Agreement of Sale and Purchase is a legally binding document that can be enforced in court. Therefore, it is not advisable to sign a second agreement without the seller's consent to release you from the first agreement, or without being willing and able to purchase both properties.
While it is possible to back out of a real estate deal, there are potential consequences. In cases where the seller incurs expenses such as mortgage holding costs or legal fees, or is unable to quickly resell the property, there is a likelihood that you may lose some or all of your deposit. Furthermore, if your offer was considerably higher than the new buyer's, the other party may choose to pursue legal action against you.
Purchasing land entails paying taxes to the Province of Ontario, which are determined by the land's assessed value. If you are a first-time homebuyer, you may qualify for a partial refund of the land transfer tax.
Please refer to the Government of Ontario website for calculating the Ontario Land Transfer Tax:
If the property is located in Toronto then an additional Toronto Municipal Land Transfer Tax will also apply:
The cost of hiring a real estate lawyer varies depending on the nature of the work, the type of the real estate transaction, the complexity of the transaction, and the experience of the lawyer. Some lawyers charge on an hourly basis, while others charge a flat fee.
If you buy a pre-construction condominium from a developer, there will be a period between the time you acquire possession of the unit and when you take full ownership. This period is also referred to as the "occupancy period" or "interim occupancy". Throughout this interval, the developer will ask you to pay occupancy fees, also known as "phantom rent."
Real estate agents can help you find a property that suits your needs and provide valuable assistance in buying or selling a property, but they are not licensed to provide legal advice. It is important to hire a real estate lawyer to ensure that your legal interests are protected.
An agreement of purchase and sale is a legally binding agreement between a buyer and seller that outlines the terms and conditions of a real estate transaction, including the purchase price, financing terms, and contingencies. It defines the rights and obligations of both sides regarding the subject real estate transaction.
Typically, certain agreements of purchase and sale contain contingencies (or conditions) that must be met before a real estate transaction can be completed. Common contingencies include home inspections, financing approval, and appraisal.
An easement is the legal right for one property owner to enter another’s without permission. An Easement runs with the land and binds all subsequent owners.
Yes, a real estate lawyer can help with leasing commercial property by negotiating lease terms, reviewing contracts, and ensuring that the lease complies with applicable laws and regulations. Both landlords and tenants can hire their own real estate lawyers in order to obtain legal advice and other legal services regarding the lease.
Directions to Our Office from Downtown Toronto
Fill out this simple form and we will soon be in touch