MORTGAGE / REFINANCE
Non-mortgage refinancing loans.
Non-mortgage refinancing loans
If you are not going to use a mortgage to secure a debt, you can secure the debt on the title to a property. This happens via a promissory note or an agreement charging land. If this describes your situation, a Toronto refinancing lawyer can help especially with security documents.
At Buzaker Law firm we are well aware of the common pitfalls in mortgage refinancing. These pitfalls can be extremely expensive and may result in foreclosure. Your lawyer will help you understand whether your mortgage company included any pre-payment penalties in your loan contract, usually included as a clause if the property is refinanced or sold before a particular date. Note that most lenders do not include pre-payment penalty clauses in the loan contract. However, where they are included, they could be as high as 85% or 6 months of interest on the original loan balance. With your lawyer, you can be able to identify any penalties before signing the loan contract.
We represent private lenders in commercial real estate transactions, including but not limited to
- Review of security documents,
- Draft of charge documents,
- Commitment Letter,
- Postponement documents,
- Prepare security agreements, assignment of rent agreements and registration thereof
- Prepare all the execution documents for the transaction, draft customized requirements applicable,
- Review of property appraisals,
- Draft and review securities, acknowledgement and direction regarding PPSA registration and registration of PPSA, priority and standstill agreements affidavit of writs, and
- Draft of Indemnity documents and draft of applicable declarations.
What We Do
The importance of a real estate lawyer cannot be underestimated when it comes to mortgage refinancing. We will help you understand your obligations and liabilities. We will help you avoid common pitfalls like expensive penalties. We represent lenders as borrowers.
We represent corporate borrowers for commercial collateral mortgages to purchase a commercial unit or warehouse – preparation of all the execution documents, review and draft of corporate documents of the corporation and preparing to counsel legal opinion in that regard.