Do we need to receive a confirmation of mortgage discharge after purchasing a property

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Jul 26th, 2021 8:17 pm

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Jul 26th, 2021 3:43 pm

Tech2020 [OP]: Newbie; Jan 5, 2021; 28 posts; 33 upvotes

Jul 26th, 2021 3:43 pm

Do we need to receive a confirmation of mortgage discharge after purchasing a property

I am a first time buyer, and confused about the mortgage discharge of the previous owner. Do I need to follow up with the lawyers and get a confirmation of mortgage discharge from the previous owners? If yes, typically how long does it take for the seller to provide the confirmation that they have discharged their mortgage from the title. Would appreciate your inputs on this, thank you!

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Jul 26th, 2021 5:13 pm

jmc111: Deal Addict; Mar 10, 2014; 3409 posts; 3678 upvotes

Jul 26th, 2021 5:13 pm

The lawyer takes care of the title search and verifies all the monies owed (i.e. liens, any extra costs such as condo, association fees, etc.) before transferring title. Actually, it's the law clerk. Lawyer usually oversees the clerks's calculations and signs off. There is no need to verify whether the selling owner has discharged mortgage. This is why you pay the lawyer more fees for buying a property than when you are selling. Selling costs to a lawyer is a lot cheaper if you have not noticed.

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Jul 26th, 2021 5:17 pm

kimmelite: Deal Addict; Jul 24, 2019; 1145 posts; 1881 upvotes; Canada

Jul 26th, 2021 5:17 pm

OP did you get title insurance?

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Jul 26th, 2021 7:23 pm

Tech2020 [OP]: Newbie; Jan 5, 2021; 28 posts; 33 upvotes

Jul 26th, 2021 7:23 pm

kimmelite wrote: ↑ OP did you get title insurance?

Yes, but my lawyer did not give me a copy of the title insurance though. Should I ask for a copy? Is it something the lawyer is supposed to give to the buyer?

Jul 26th, 2021 7:33 pm

seatiger: Deal Addict; Mar 30, 2017; 1214 posts; 975 upvotes; GVA

Jul 26th, 2021 7:33 pm

Tech2020 wrote: ↑ Yes, but my lawyer did not give me a copy of the title insurance though. Should I ask for a copy? Is it something the lawyer is supposed to give to the buyer?

you can certainly request. I dont see why lawyer refuse it

profit on 6/23/2021 = 117.61% since 11/10/2020 to be exact😎

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Jul 26th, 2021 8:17 pm

hi-tech: Deal Addict; Apr 3, 2006; 2973 posts; 1408 upvotes

Jul 26th, 2021 8:17 pm

Tech2020 wrote: ↑ Yes, but my lawyer did not give me a copy of the title insurance though. Should I ask for a copy? Is it something the lawyer is supposed to give to the buyer?

Yes you should receive a copy of the owners policy in your reporting package.

It often takes months to receive a registered discharge from RBC/Scotia so you will not be receiving that on closing unless it's a private mortgage.

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