The Role of a Real Estate Lawyer in Mortgage Transactions
As a real estate lawyer, I often navigate the complexities of mortgages during property transactions. Did you know that in these deals, lawyers represent both the buyer and the bank providing the mortgage?
Understanding Mortgage Instructions and Negotiations
Banks issue strict mortgage instructions to lawyers, leaving no room for negotiation. Learn how lawyers handle discrepancies in mortgage documents and why negotiating major terms directly with the bank is crucial.
Importance of Early Mortgage Planning
Discover why early consultation with a mortgage broker is key to understanding the intricacies of your mortgage, avoiding last-minute surprises before closing.
Real Estate Law Insights
Sometimes mistakes can happen in mortgage documents. A lawyer can require the bank to correct them, but if mortgagors are trying to negotiate major terms and conditions through a lawyer, it always brings them back to the initial stage of discussing the terms with their mortgage representative. Such situations are extremely stressful as nowadays banks send mortgage instructions only a few days prior to the closing date and purchasers do not have much time for new negotiations.
It’s worth spending time with a mortgage broker during the initial stage of a mortgage application to discuss details of a mortgage, the purpose of real estate purchase, take time to understand details of the mortgage to avoid any surprises a few days prior to the closing.
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