Recent Posts

LIENS AND COLLATERAL CHARGE

To avoid delays and save time on a transaction, one should always obtain clarification on who are the borrowers on title, registration percentage amount of ownership, if there are any liens registered and or if the existing mortgage is registered as a collateral mortgage.

Typically clients are not aware...

SOME OF THE DISADVANTAGES

Unexpected cost on closing which can typically range from $7000 to $20,000 dollars that clients don’t plan for or aware of. It usually comes as a surprise such as development charges. Agreement clause. The agreement always have clauses that are mostly in favour of the builders protection...

CONSTRUCTION LIEN ACT

Are you aware of the contingency hold-back per draw? On construction loans, lenders will fund in increments and there is a mandatory 10% construction contingency hold-back on every draw which is given back to the borrower after 60 days. Some lenders may make an exception not to hold...