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The real cost of a notary for your mortgage refinancing: what you need to know

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The different costs associated with mortgage refinancing

If you are a homeowner and are considering refinancing your mortgage, it is essential to understand the implications and associated costs. The professional fees of the notary are one of the main costs to consider when refinancing, although their share in the total cost is less than 50% of the invoice that he will send you. See the detail below.

When refinancing your mortgage, you must also consider several additional fees such as land registry search fees, state publication fees, Notarius fees, as well as other miscellaneous fees. All these costs are added to the notary's fees, thus contributing to the total cost of the transaction.

To give you an idea of ​​the costs involved, here is a detailed example of the cost of mortgage refinancing at the Cooperative of notaries of Quebec. The notary's fees are $551.53, but with all other fees added, the total cost comes to $1,151.76. Of this amount, $191.71 is intended for the notary and $359.82 for the Cooperative.

Professional fees

551,53 $

Land registry search fees (LR – non-taxable))

10 $

Telus fees

128 $

Notarius fees

2,25 $

Purolator fees

14 $

State fees to publish (non-taxable)

340 $

 GST

34,81 $

QST

70,92 $

Total

1 151,76 $

Essential role of the notary in mortgage refinancing: advice, verifications and preservation of deeds

During a mortgage refinancing, it is crucial to understand that the notary's fees are not limited to the simple signing of the loan deed. In reality, the notary plays an essential role in the process. In addition to the signature, the notary will provide you with advice on your loan contract and assess your ability to sign knowingly.

The notary will also be responsible for identifying you and publishing your deed, which will be kept for life, whether in electronic form or in the notary's paper vault. After signing the deed, the notary will take care of sending all the necessary documents to the Cooperative of notaries of Quebec.

The role of the notary is therefore not limited to a simple formality, but is a guarantor of the integrity and validity of your mortgage refinancing. His skills and responsibilities go far beyond simply signing documents.

Role of the COOP in mortgage refinancing: administrative and logistical tasks

The Cooperative of Notaries plays a key role by taking charge of all the administrative and logistical tasks related to mortgage refinancing. Here are the different steps it performs to ensure the smooth running of your transaction:

  1. Opening of the file: The Cooperative of notaries opens the file received from Desjardins, your mortgage lender.
  2. Verification of information: It contacts the municipality to verify the information concerning your property.
  3. Collection of information: The Cooperative of Notaries contacts you to send you a questionnaire, in which you will have to provide your necessary information and documents.
  4. Title search: Once all the information has been collected, the Cooperative performs a title search and contacts you for any missing information.
  5. Preparation of documents: She prepares the documents that you will sign at the notary and requests your statement of account from the lender that you are repaying.
  6. Management of delays: The Cooperative manages any delays in receiving your statement of account by calculating the amount due, including interest and penalties, if applicable.
  7. Request for funds: It requests the funds from Desjardins, then sends a signed report on the mortgage situation of your property.
  8. Issuance of receipts and sending of funds: Once the funds have been obtained, the Cooperative issues the receipt and prepares the checks. She sends the receipt via Purolator with the funds to the creditor, and awaits the return of the signed receipt. It is certified by a notary or a lawyer.
  9. It then transforms this document into a PDFA document, publishes it and preserves it.
  10. She makes sure that the state has removed your old mortgage from your property and keeps proof of this on file.
  11. Accounting and closing of the file: The Cooperative of notaries performs the general and trust accounting of the file, sends a final report to Desjardins, invoices and pays the notary. It also manages receivables, pays taxes to the state and sends you your documents before finally closing the file.

The work accomplished by the Cooperative of notaries in mortgage refinancing is of capital importance. These tasks require considerable time and substantial administrative work, thus justifying the fees charged by the notaries and the COOP.

In conclusion, if you own a house and are considering refinancing your mortgage, it is essential to take into account all the costs associated with this transaction, including notary fees. To obtain detailed information on actual notary fees and the services offered by the COOP, you can do so by telephone at 514-524-4900 / 1-844-524-4900 or by email at info@coopnotaires.com, or visit our website at www.coopnotaires.com. We strongly encourage you to discuss our services with your Desjardins advisor in order to benefit from worry-free refinancing, backed by our professional expertise. Do not hesitate to mention our cooperative of notaries during your exchanges to benefit from optimal support in your refinancing project.

Do not hesitate to contact us now to benefit from our expertise and obtain personalized assistance throughout the refinancing process. We are here to answer all your questions about notary fees and help you make informed decisions.

Thank you for your trust in the Cooperative of notaries of Quebec!