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Refinance Fee Quote

Our closing costs as set out herein is provided to you as an estimate only. With third party service
providers increasing their prices at short notice or with no notice, it has become quasi-impossible for
us to give you the usual "all inclusive" pricing for real estate transactions.
We thank you for your understanding and cooperation

REFINANCING

If you are refinancing your property, time is often of the essence. Perhaps your existing mortgage is maturing, or you are in dire need of funds or on a more pleasing note, you wish to take advantage of prevailing lower interest rates, A "refinance" can mean different things depending on how one is using the term. Sometimes one simply means to register a new line of credit on a property that is free and clear which involves the registration of a first/charge mortgage, of land without the need to discharge any other existing mortgage/s. However more commonly, a refinance often means discharging a smaller mortgage to replace same by a larger mortgage, and depending on the lender, may require that certain other debts, secured or unsecured, be also paid off. A secured debt would be for e.g. a notice of security interest registered against the property, unpaid property taxes that form a lien against the property, a judgement secured against the name of the property owner/s that will attach the property, while an unsecured debt can be a credit card debt that the lender funding you may require be paid off before any of the proceeds or refinance be paid to you.

More complex refinances can involve removing one or more persons name from title or adding the name of one or more persons on title before the new mortgage is registered. At times, a person's name is merely being added (often as to 1% interest) simply to help the beneficial owner/s qualify for the new mortgage. Whatever the situation, it is important that you disclose all information pertaining to the refinance so that we can provide you with an estimate of closing costs that is accurate. Where a trust relationship is involved, you may require legal advice and the preparation of additional documents such as trust agreements and powers of attorney.*

The following are some of our refinancing charges and are based on the premise that there are no legal issues on title that need additional work to be rectified, for e.g., incorrect legal description and other title issues, existence of judgements. Revenue Canada Liens, Caution Lands, Notice of Pending Litigation Lien or other notice of interest that affect the refinance. Where title issues are identified, you will be provided with particulars and an estimate for rectifying the title issues. Where there are title defects, if you secured title insurance at the time you purchased , this may be helpful in covering legal charges for rectifying title.

SIMPLE REFINANCE WITH NO TRANSFER AND NO MORTGAGE TO BE DISCHARGED

If you are simply adding a new mortgage on title, our legal fees to act on your behalf where the lenders is an A-lender is $1,095.00 plus H.S.T. plus disbursements. If the lender is a B-lender, and additional legal work and documentation is required for funding, the legal fees are $1,195.00 plus H.S.T. plus disbursements. Disbursements not included are: cost of title search, execution searches, the registration costs of the new mortgage (approximately $83.11), title insurance (cost of which will vary depending on the loan amount) , software levy charges*, wire transfer and other banking charges, fax, photocopy, etc. Also excluded are EC processing fees in connection with title insurance and conveyancer fees. Any unsecured credit card debt, or vehicle loans, etc., that are required to be paid off as part of the funding conditions will result in an additional cost of $35.00 plus H.S.T. for each debt. Where the property charged is a matrimonial home and the consent of a spouse is required by the lender, an additional charge of $200.00 shall apply for preparation of an Independent Legal Advice Certificate ("ILA"). Please note that the spouse will be required to retain a lawyer of his or her choice to have the ILA completed and returned to us at his or her costs. Similarly , where a guarantor is involved and the lender has imposed that the guarantor secures ILA, similar fees will apply.

SIMPLE REFINANCE WITH ONE MORTGAGE TO BE DISCHARGED

Where the refinance involves the discharge of one existing mortgage, our legal fees to act on your behalf, where the lender is an A-lender is $1,195.00 plus H.S.T. plus disbursements. If the lender is a B-lender, and additional legal work and documentation is required for funding, the legal fees are $1,295.00.  Disbursements not included are: cost of title search, execution searches, the registration costs of the new mortgage (approximately $83.11), title insurance (cost of which will vary depending on the loan amount) , software levy charges*, wire transfer and other banking charges, fax, photocopy, etc. Also excluded are EC processing fees in connection with title insurance and conveyancer fees. Any unsecured credit card debt, or vehicle loans, etc., that are required to be paid off as part of the funding conditions will result in an additional cost of $35.00 plus H.S.T. for each debt. Where the property charged is a matrimonial home and the consent of a spouse is required by the lender, an additional charge of $100.00 plus H.S.T shall apply for preparation of an Independent Legal Advice Certificate ("ILA"). Please note that the spouse will be required to retain a lawyer of his or her choice to have the ILA completed and returned to us at his or her costs. Similarly , where a guarantor is involved and the lender has imposed that the guarantor secures ILA, similar fees will apply.

REFINANCE INVOLVING A TRANSFER OF TITLE

Where the refinance involves a change in title (adding or removing the name of one or more parties), including the discharge of one existing mortgage, our legal fees to act on your behalf, where the lender is an A-lender is $1,295.00 plus H.S.T plus disbursements. If the lender is a B-lender, and additional legal work and documentation is required for funding, the legal fees applicable shall be $1,395.00 exclusive of H.S.T and disbursements. Disbursements not included are: cost of title search, execution searches, cost of registration of the transfer/deed (approximately $83.11), cost of registration of the first new charge/mortgage and cost of discharge of the existing one (if the lender has not included same in its discharge statement), title insurance (cost of which will vary depending on the loan amount), software levy charges, Assyst Fee, wire transfer and other banking charges, fax, photocopy, courier, delivery and conveyancer fees. Also excluded are EC processing fees in connection with title insurance. Any unsecured credit card debt, or vehicle loans, etc., that are required to be paid off as part of the funding condition will result in an additional cost of $49.00 plus H.S.T for each debt.

Where there is a change of title from a trustee to a beneficiary, an additional fee of $195.00 plus H.S.T shall apply to prepare the appropriate trustee to beneficiary land transfer tax affidavits. Where the transfer of title is inter-spousal, gratuitous, an additional charge of $100.00 plus H.S.T shall apply for preparation of an Independent Legal Advice Certificate ("ILA"). Please note that the transferor will be required to retain a lawyer of his or her choice to have the ILA completed and returned to us at his or her costs. With respect to the new mortgage being registered , where the property is a matrimonial home and the spouse name is not on title and his/her consent is required, a fee of $195.00 plus H.S.T will apply for the preparation of the applicable ILA. Similarly, where a guarantor is involved and the lender has imposed that the guarantor secures ILA, similar fees will apply.

THIRD PARTY SOFTWARE CHARGE

Please note that effective January 2021, as a result of sudden recent significant hikes in software levy charges, we are no longer including software costs in our closing costs. A software levy charge of $249.00 plus tax is now payable on all real estate transactions. *

TRANSACTION SURCHARGE FEE

The above fees apply for the refinance of properties valued less than a million Canadian dollars. Where the purchase/sale price is over one million dollars threshold, a fee surcharge of $99.00 shall apply for each extra $100,000.00

E.&.O.E Please note that prices are now increasing from third party service providers and often at short or without notice. As such, we hereby reserve our rights to amend any fee quotes provided to you or posted on our website without notice. We apologize for this inconvenience and appreciate your kind understanding in this regard.

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