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at aii Lh aL = 4 > - "WEEKEND STAR" FRIDAY, MARCH 23, 2001 Boe - a, a Re : f ot (> ooo wR _-- ill : Pani ' Py 1 or ¥ ' 4 5 4: 0 i = v 6 / 5 pe in a a -- ~ op § 2 v : : gh . rT "0 0) a Ch : LS a ack fo 1 a a ve | . ' = i» 8 2s tr TAZ. Mes . wel . . . ' . . . ' The Mortgage: Who's Going to Register It Often when 1 am talking to has some impact on the total lender. This means that there is the mortgage money from the cost to the borrower. There are look after the preparation and a homebuyer, particularly afirst cost of closing a purchase comparatively little additional lender and apply that money to trade-offs however. The bank's registration of the mortgage. time homebuyer, my new or transaction. cost required to satisfy the pay for the property at closing. internal process is not designed For similar reasons, it is potential client is surprised to Because a mortgage will be lender's needs over and above Mortgages entered into when or able to deal with any compli- always less expensive to have hear me talk about the mortgage. secured against the property the work already required for the no purchase transaction is taking cating factors. Where there are the purchaser's- lawyer look Clients will say to me something being purchased, the lender and homebuyer. place are conversely significant- complicating factors such as the after a mortgage being like, "I've looked after that" or the homebuyer have many iden- The additional work done by ly more costly. With the intro- need for a change of ownership arranged in connection with a "But I have already arranged the tical concerns. Most notably the the lawyer, for the benefit of the duction of title insurance, banks in connection with the mortgage purchase, than it is to have the mortgage". Lawyers usually do homebuyer and mortgage lender mortgage lender alone, includes have developed ways of handling or the need to postpone an exist- bank process the mortgage not get involved in arranging both want to know that their title preparing the actual mortgage "stand alone" mortgages without ing line of credit, or the need to through its internal or semi- mortgages for home purchases, is validly registered. The lawyer document according to the mort- involving the borrowers lawyer resolve outstanding title matters, internal system. but there is still much that the closing a purchase/mortgage gage company's instructions, at all. Having the bank process it is generally faster, less frus- purchaser's lawyer needs to do transaction does: many of the having it signed and registering the mortgage without the trating and more cost effective to Courtesy of in connection with the mort- same things for the benefit of the mortgage. The lawyer also involvement of the borrower's have the borrower's lawyer both George Smith Law Office gage and this additional work the homebuyer and the mortgage acts as a go-between to receive lawyer generally does reduce the deal with the complication and Port Perry Introducing the all new Elliptical Dish NORTH PORT TIRE & LR R19169 ¢ RENTAL * PAINT & & TRUCK RENTALS WALLLCOVERING "Serving the tire buyer since 1950" * CUSTOM BLINDS oA dl EN abl & SHUTTERS | Brands Available ne « CERTIFIED * Large Inventory of DECORATOR . Co Used Tires ; George Smith | + Passenger & Truck Let i mize A at our Home Real [es OT NAT . 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