A mortgage is a loan used to acquire or maintain a house, a plot of land, or any real estate property. The property in question serves as collateral for the loan and the borrower agrees to pay the loan back with interest.

Applying for a mortgage requires a thorough review of the borrower’s credit history and an involved underwriting process before it can close. The expertise to navigate this process is not available to the average citizen. Hence, the lawyers at Dabros Law would like you to know exactly why you need to consult a real estate lawyer for help with your Ottawa mortgage.

A Real Estate Lawyer Helps You Determine The Type Of Mortgage You Need

There are many types of mortgages available but each one is designed to fulfill a specific need. Some mortgages have a fixed interest rate while others come with an adjustable rate. Interest-only mortgages involve complex repayment schedules that should only be used by experienced borrowers. Reverse mortgages, a type of loan that helps you get money from your property equity without needing to sell it, are available for a specific type of homeowner.

Depending on your personal financial situation and what you need, consulting a real estate lawyer in Ottawa will help you make the appropriate decision. With their vast knowledge and experience in the real estate market, the lawyer will help you choose the right mortgage.

A Real Estate Lawyer Protects You From Undischarged Mortgages

An undischarged mortgage can create a lot of legal trouble for a prospective buyer. When buying a new property, you need to ensure that there are no standing mortgages on what you are purchasing. If not, you could be on the hook for the previous mortgage with yours as an additional financial burden.

A real estate lawyer will liaise with the lawyer of the previous owner to properly discharge that mortgage and replace it with yours. Then, the seller can pay off their mortgage while you own the property with a free and clear title. This protects your financial interests in the mortgage pro cess.

A Real Estate Lawyer Keeps You Safe From Scams

Entering into a mortgage without a real estate lawyer puts you at risk from the actions of malicious people. You could enter into a costly scheme due to misleading information and find yourself prey to other scams. Scammers can leverage title/mortgage fraud into identity theft or put you at risk for foreclosure. Then, you are rendered homeless and financially destitute.

A real estate lawyer can search the property title to identify any suspicious issues and flag any potential threats to you. They can also help you acquire title insurance as protection from more sophisticated fraudsters. By making sure your mortgage is legitimate, a real estate lawyer in Ottawa can protect your financial interests from fraudulent activity.

Dabros Law – Trusted Law Firm in Ottawa

When entering into a mortgage, always make sure you have a real estate lawyer with you for the proceedings. The knowledge and experience they bring to the table will prove invaluable in protecting your interests and ensuring that you get the appropriate mortgage for your property and finances.

Please contact us if you are looking to buy, sell or refinance your property. Dabros Law provides real estate services to ensure a smooth transaction from start to finish. Our team is experienced and detail-oriented and will make sure that your interests are well-represented during the whole process.