The Different Costs Associated with Mortgage Refinancing
If you're a homeowner contemplating mortgage refinancing, it's crucial to grasp the implications and associated expenses. Notary professional fees represent a significant portion of these costs, although they account for less than 50% of the total invoice. Additional expenses, including land registry search fees, state publication fees, Notarius fees, and miscellaneous charges, must also be considered, augmenting the overall transaction cost.
For a detailed illustration of the expenses involved, let's take a look at the cost of mortgage refinancing with the Cooperative of Notaries of Quebec. The notary's fees amount to $551.53, but when combined with all other charges, the total transaction cost reaches $1,151.76. Within this amount, $191.71 goes to the notary, while $359.82 is designated for the Cooperative.
Professional Fees | 551,53 $ |
Title Searches | 10 $ |
Telus Fees | 128 $ |
Notarius Fees | 2,25 $ |
Purolator Fees | 14 $ |
Land Registry – Registration Fees | 340 $ |
GST | 34,81 $ |
QST | 70,92 $ |
Total | 1 151,76 $ |
The Essential Role of the Notary in Mortgage Refinancing: Guidance, Verification, and Document Preservation
In the context of mortgage refinancing, it's vital to recognize that a notary's duties extend beyond mere document signing. In actuality, the notary plays a pivotal role in the entire process. Apart from facilitating the signing process, the notary offers valuable insights into your loan contract, ensuring your informed consent.
Moreover, the notary assumes the responsibility of identifying you and registering your deed, which is safeguarded indefinitely, whether electronically or in the notary's secure vault. Following the signing of the deed, the notary efficiently manages the dispatch of all necessary documents to the Cooperative of Notaries of Quebec.
Therefore, the notary's role transcends mere formality, encompassing the safeguarding and legitimacy of your mortgage refinancing. Their expertise and responsibilities extend far beyond the act of signing documents.
The COOP's Role in Mortgage Refinancing: Administrative and Logistical Duties
The Cooperative of Notaries plays a pivotal role by handling all administrative and logistical aspects related to mortgage refinancing. Here’s a breakdown of the various steps it undertakes to ensure the seamless execution of your transaction:
- File Opening: The Cooperative of Notaries initiates your file upon receipt from Desjardins, your mortgage lender.
- Information Verification: It liaises with the municipality to corroborate property-related information.
- Information Gathering: You receive a questionnaire from the Cooperative, in which you provide necessary details and documents.
- Title Search: Once all information is collected, the Cooperative conducts a title search and contacts you for any missing information.
- Document Preparation: The Cooperative drafts the documents for your notary appointment and procures your payout statemen from the lender you’re repaying.
- Delay Management: In case of delays in receiving your payout statement, the Cooperative calculates the amount due, including interest and penalties if applicable.
- Funds Request: The Cooperative requests funds and sends a signed preliminary report of your property to Desjardins.
- Receipt Issuance and Funds Dispatch: Upon securing the funds, the Cooperative issues receipts and prepares checks. It dispatches the receipt, along with the funds, to the creditor via Purolator and awaits the return of the signed receipt, certified by a notary or lawyer.
- Document Preservation: The Cooperative converts this document into a PDF/A format, registers it, and preserves it. It ensures the removal of your previous mortgage from your property and maintains proof on file.
- Accounting and File Closure: The Cooperative manages the general and trust accounting of the file, submits a final report to Desjardins, invoices, and pays the notary. It also handles receivables, tax payments to the state, and provides you with your documents before officially closing the file.
The work undertaken by the Cooperative of Notaries in mortgage refinancing is of utmost significance, demanding substantial time and administrative efforts. This justifies the fees applied by notaries and the COOP.
In conclusion, if you're a homeowner contemplating mortgage refinancing, it's crucial to factor in all associated costs, including notary fees. For comprehensive information on actual notary fees and the services provided by the COOP, feel free to reach out to us via telephone at 514-524-4900 / 1-844-524-4900 or by email at info@coopnotaires.com. Alternatively, visit our website at www.coopnotaires.com.
We strongly encourage you to discuss our services with your Desjardins advisor to enjoy a worry-free refinancing experience backed by our professional expertise. During your discussions, don't hesitate to mention our Cooperative of Notaries to access optimal support for your refinancing project.
Don't wait—contact us now to benefit from our expertise and personalized assistance throughout the refinancing process. We're here to address all your queries about notary fees and empower you to make informed decisions.
Thank you for entrusting the Cooperative of Notaries in Quebec with your needs!
