Personal Finance

Mortgage Documents

  • Last Updated:
  • Nov 20th, 2010 5:26 am
Tags:
None
Sr. Member
Jul 20, 2005
691 posts
6 upvotes

Mortgage Documents

Hi
I am confused about the mortgage documents.
1.Who prepare the Mortgage Documentation? The bank or buyer's lawyer?
2.Who do buyer sign the mortgage documents with? The bank or buyer's lawyer?

Scotiabank's Specialist told me once he gets my mortgage documents he will schedule an appointment to sign all of the documentation.

But on "Flow Chart When Buying or Selling a Home for a Typical Real Estate Transaction", step 15 is: # You would execute (signs) transfer & mortgage documents & deliver cash difference (balance owing) from the Statement of Adjustments.
5 replies
Member
Feb 23, 2009
284 posts
19 upvotes
Toronto
netriones wrote: Hi
I am confused about the mortgage documents.
1.Who prepare the Mortgage Documentation? The bank or buyer's lawyer?
2.Who do buyer sign the mortgage documents with? The bank or buyer's lawyer?

Scotiabank's Specialist told me once he gets my mortgage documents he will schedule an appointment to sign all of the documentation.

But on "Flow Chart When Buying or Selling a Home for a Typical Real Estate Transaction", step 15 is: # You would execute (signs) transfer & mortgage documents & deliver cash difference (balance owing) from the Statement of Adjustments.

Do yourself a favour and make sure you review the mortgage documents before you sign. You can pick these documents up from the bank in advance so you can read an understand the conditions etc. Do not leave this up to the day you go in to sign.
Sr. Member
Jul 29, 2009
895 posts
14 upvotes
I signed my mortgage with my lawyer. She had a standard-form mortgage, and there was a set of terms from the lender as an attachment to that.
Jr. Member
User avatar
Jun 21, 2010
176 posts
6 upvotes
Mississauga
Your lender should send all the documents including standard charge terms to your lawyer. Then you sign all document in your lawyers office. The bank professional may have some other documents. Check and read before you sign please.
Hello!! I'm a RFD newbie.
Member
Aug 7, 2009
251 posts
11 upvotes
Your bank does some, your lawyer does some. Ask your banker to fax them to your lawyer to review, then go over them with your lawyer and sign whichever ones the bank wants and whichever ones your lawyer wants
Member
Jan 3, 2005
348 posts
7 upvotes
Toronto
It's a blend. I will tell you my understanding. From perspective of a buyer mortgage company will need you to sign applications, setup account, and validate that the transaction is legit but does nothing related to the transaction itself or the transferring of money. Your lawyer will be holding everything in-trust so you will sign the final mortgage documentation (provided by your mortgage company's lawyer or system) with the lawyer so that he can release the funds (with your down payment and lawyer fees) at closing.

acetace

Top