The services of the Coopérative of notaires of Quebec (COOP) are still unclear to some, since it is, until now, the one and only company of its kind in Quebec. The COOP is, in fact, a leading partner for the Desjardins caisses. As for Desjardins mortgage refinancing, it offers exclusive legal services to its members throughout the territory, at a lower cost and at a fixed price.
What is the difference between a traditional notary office and the COOP?
Somewhat different from the services you find at a traditional notary in Quebec, the COOP is a company owned by its notary members, which works in their interests. This is not a notary office, but a cooperative made up of members who are themselves notaries.
Unlike a traditional notary office, the COOP cannot provide legal advice to clients or be responsible for drafting a deed. On the other hand, clients can obtain legal advice from a notary member. In addition, the COOP can offer technical advice to guide its clients in managing their file following the approval of their mortgage loan by a Desjardins caisse.
How to become a notary member of the COOP?
Any Quebec notary wishing to become a member of the COOP can contact the latter to become a member. When a notary member subscribes, he must pay the COOP a share (a single entry fee), which is returned to him in full when he resigns from his title of notary member.
What are COOP's mortgage refinancing services?
Many homeowners are still unaware that they can do the legal documentation following the refinancing of their mortgage loan with the COOP. They must be members (clients) of Desjardins. Indeed, the COOP takes care of the mortgage refinancing procedures for Desjardins members, and this , as soon as a file is opened.
Opening a file
The COOP ensures that each step of the refinancing process complies with the practice of real estate law, that the debtor and the creditor respectively receive the documents that concern them. It also ensures that the creditor's mandate is carried out in full and that the debtor receives the sums he has requested.
Contact center
The COOP handles all communications between the client(s) (Desjardins member, debtor, consumer) and the notary member called upon to sign the legal documents it has prepared. She also takes care to explain in detail the steps of the mortgage refinancing process to clients and to answer all their questions in order to guarantee them exemplary service.
Verification of information
Behind each step of mortgage refinancing hides an important work of verifying information. The COOP is therefore responsible for collecting all the legal documents necessary for refinancing and ensuring their compliance. For example, it must verify that the client or clients in question are the true owners of the building for which the refinancing is being done and that the building complies with the municipal regulations in force. It must also check whether the client(s) owe any debts and whether or not these are guaranteed by their building.
If you have any questions about the documentation required to refinance your mortgage loan, you can contact the COOP today. A member of the team will be happy to answer you.
Preparation and delivery of legal documents
Although the COOP is responsible for the vast majority of the preparation of legal documentation, it cannot however be held legally responsible for its drafting. It must nevertheless ensure that both parties (notary member and client) are satisfied when holding an important meeting between the parties. It is usually at this time that she proceeds with the clients to provide detailed explanations and the delivery of legal documents, and asks the parties to sign them. It is the notary member who will have the client and Desjardins sign.
Once the legal documents have been signed, the COOP must give a copy to each party. But his work doesn't stop there!
Managing the project
While the notary member finalizes the receipt of the deed signed by the parties and returns it to the COOP with the proof of publication of the State, the COOP works on the preparation of the reports. That is to say, among other things, that it:
- Prepares to receive the disbursement for clients;
- Ensures that the money will be in his trust account within 48 to 72 hours;
- Checks whether there are amounts to be paid to the various people involved (municipal taxes, loans, mortgage broker, unpaid tax, etc.);
- Complies with trust accounting regulations by issuing receipts and sending checks, supporting letters and other necessary documents.
- Returns the money to the customer;
- Sends all documentation to the cash register and the customer;
- Sends a final report to Desjardins on the transaction;
- Close the file, keeping all the information there.
Provision of information exchange and confidentiality at the COOP
Confidentiality at the COOP is one of its fundamental values. This is why it guarantees the preservation of computer data, documents and statistics not only by protecting them from any disaster, but also by protecting all general, legal and personal information about you.
The COOP is a cooperative society that welcomes nearly 300 members from all over Quebec. Through its unparalleled service and its fixed and often lower-cost rates, it differs greatly from conventional notary offices.
If you would like to become a notary member of the Coopérative de notaires du Québec, you can contact the COOP or schedule a meeting with her today.
If you are a member of Desjardins and need to refinance your building, don't forget that the Cooperative of notaries of Quebec can offer you exemplary legal service. Ask Desjardins advisor to tell you about it. You can also contact the Cooperative of notaries who will tell you the correct information you need.
