07/11/2018
Mortgages, Conveyancing and Legal Representation
As a general advice please note that financial institutions have panels of attorneys that they use to represent THEIR interest in mortgage transactions, NOT, YOUR INTEREST.
The financial institutions can mandate that the mortgage be prepared by their attorneys but cannot and really should not mandate that the deed of conveyance be also prepared by their attorneys.
It is wholly proper for deeds of conveyance to be prepared by the purchaser’s attorney who is best positioned to look after the interest of their client, the purchaser.
It is especially proper that the purchaser’s attorney also vets the mortgage agreement separate from the attorneys for the financial institution as the clients are different and it is an important measure to reduce conflict of interest.
