Podcast
Questions and Answers
What is the typical range a borrower should have set aside for closing costs?
What is the typical range a borrower should have set aside for closing costs?
- Between 1.5% and 3% of the purchase price (correct)
- Between 4% and 6% of the purchase price
- Between 0.5% and 1% of the purchase price
- Between 3% and 5% of the purchase price
When is PST included in closing costs?
When is PST included in closing costs?
- When there is a mortgage default insurance premium (correct)
- When there is a mortgage application fee
- When there is a title search fee
- When there is a land transfer tax
What type of properties are subject to HST in the purchase?
What type of properties are subject to HST in the purchase?
- New homes and substantially renovated homes (correct)
- Only new homes
- Only resale homes
- Only mobile homes
Who remits the insurance premium to the title insurer in a title-insured transaction?
Who remits the insurance premium to the title insurer in a title-insured transaction?
What does an interest adjustment refer to?
What does an interest adjustment refer to?
What purpose does the DRA serve in the closing process?
What purpose does the DRA serve in the closing process?
What is the interest adjustment payment?
What is the interest adjustment payment?
When is the interest adjustment payment due?
When is the interest adjustment payment due?
What is a subsearch in real estate transactions?
What is a subsearch in real estate transactions?
What triggers the closing process to begin?
What triggers the closing process to begin?
Who has the authority to choose the lawyer for closing a real estate transaction?
Who has the authority to choose the lawyer for closing a real estate transaction?
What does a lender's instructions to solicitor package typically include?
What does a lender's instructions to solicitor package typically include?
Who is responsible for informing the lender about any secondary financing in a real estate transaction?
Who is responsible for informing the lender about any secondary financing in a real estate transaction?
In a real estate transaction, who registers the discharge/cessation of mortgage?
In a real estate transaction, who registers the discharge/cessation of mortgage?
Which lawyer is responsible for sending money to discharge the current mortgage in a purchase transaction?
Which lawyer is responsible for sending money to discharge the current mortgage in a purchase transaction?
What is the purpose of Form 9D in a real estate transaction?
What is the purpose of Form 9D in a real estate transaction?
For what purpose is Form 9E used in a real estate transaction?
For what purpose is Form 9E used in a real estate transaction?
In which circumstances are two lawyers required in a private mortgage transaction?
In which circumstances are two lawyers required in a private mortgage transaction?
