4 - Information required to Refinance Your Property
When a person is removing one mortgage and replacing it with a different one on their property, this is called a refinance. Usually in this situation, the Notary Public will act for you and your lender. It is our job to ensure that any conditions that the lender wants fulfilled are met. To do this, we may be required to obtain information regarding your house insurance, mortgage that you are paying out, strata information, or other debts that the lender might require paid.
The following information is required to complete a refinance transaction:
- Full legal names, occupations and contact information of the Borrowers
Is anyone being added to the title?
• If so, we also need their full legal name, occupation, contact information, birth date and social insurance number
Is anyone being removed from the title?
• If so, please provide their contact information. They will need to set up an appointment with a different notary public or lawyer to sign the transfer documents.
Form of Ownership – This is how you would like to share the ownership of the title if there is more than one buyer
• Joint Tenants – All owners own the property equally. Joint tenancy also carries a right of survivorship – meaning that if one of the owners of the property passes away, the surviving owner obtains their share by right of law. That share does not go through an Estate or a Will.
• Tenants in Common – The owners of the property each have separate interests in the property – i.e. Owner A has a 40% share and Owner B has a 60% share or Owner A owns 50% and Owner B owns 50%. Each person’s share goes through their estate and does not automatically go to the other person on title.
- What is the completion date?
- Which insurance agency are you getting your insurance through?
- Who is your lender or mortgage broker?
- Do you have a mortgage or line of credit currently registered to the title? If so, please provide your account number and estimated balance owing
- If there are any additional debts (i.e. credit cards, lines of credit, etc.) that we are required to pay, please provide information for those as well.
The Client should also inform their notary if they have specific time requirements for signing – i.e. on vacation, working out of town, etc.