Our services at the Cooperative of Notaries in Quebec (COOP) may seem unfamiliar to some, as we are the first and only company of our kind in Quebec. In reality, the COOP is a significant partner for Desjardins branches, offering exclusive legal services for Desjardins mortgage refinancing to its members across the territory, all at a fixed and cost-effective rate.
Distinguishing the COOP from Traditional Notary Offices
Unlike a traditional notary office in Quebec, the COOP is not a standalone notary office but rather a cooperative formed and owned by notary members, working in their best interests. Consequently, the COOP doesn't provide legal advice to clients or draft deeds, but clients can seek legal advice from a notary member. Additionally, the COOP can offer technical guidance to assist clients in managing their files following the approval of their mortgage loan by a Desjardins branch.
Becoming a Notary Member of the COOP
Any Quebec notary interested in joining the COOP can contact us to become a member. Upon subscribing, a notary member pays a share (a one-time entry fee), which is fully refunded upon resignation from their notary membership.
COOP's Mortgage Refinancing Services
Many homeowners are unaware that they can entrust the legal documentation for their mortgage refinancing to the COOP, provided they are Desjardins members. The COOP takes charge of mortgage refinancing processes for Desjardins members from the moment a file is initiated. Here's an overview of our services:
File Opening: We initiate your file upon receiving it from Desjardins, your mortgage lender.
Contact Center: The COOP acts as a liaison between clients (Desjardins members, debtors, consumers) and the notary member responsible for signing the prepared legal documents. We also provide detailed explanations of the mortgage refinancing process and address client queries for exemplary service.
Information Verification: We meticulously verify all necessary legal documents for refinancing, including confirming property ownership, compliance with municipal regulations, and outstanding debts secured by the property.
Preparation and Delivery of Legal Documents: While the COOP manages the bulk of legal documentation preparation, we cannot be held legally responsible for drafting. However, we ensure that both parties (notary member and client) are content during a pivotal meeting. At this point, we provide comprehensive explanations and deliver the legal documents for signing, a process facilitated by the notary member.
File Management
While the notary member finalizes the reception of the deed signed by the parties and sends it back to the COOP along with proof of registration at The Land Registry, the COOP works on preparing reports. This includes, among other tasks:
- Preparing to receive disbursement for clients.
- Ensuring the funds are in its trust account within 48 to 72 hours.
- Verifying if there are any amounts to be paid to various parties such as (municipal taxes, loans, mortgage broker, unpaid taxes, etc.).
- Complying with trust accounting regulations by issuing receipts and sending checks, supporting letters, and other necessary documents.
- Disbursing the money to the client.
- Sending all documentation to Desjardins and the client.
- Sending a final report to Desjardins regarding the transaction.
- Closing the file while securely saving all information.
Information Exchange and Confidentiality
At the COOP, we prioritize confidentiality. We safeguard computer data, documents, and statistics from potential disasters and protect all general, legal, and personal information.
The COOP is a cooperative comprising of 300 members across Quebec. With our exceptional service, fixed, and cost-effective rates, we distinguish ourselves from conventional notary offices.
If you're interested in becoming a notary member of the Cooperative of Notaries of Quebec, please contact us or schedule a meeting with our team.
For Desjardins members in need of mortgage refinancing, don't forget that the Cooperative of Notaries in Quebec can provide outstanding legal services. Simply inquire with your Desjardins advisor or reach out to us directly.
