Information Every Vendor Should Know

      Mortgages

As mentioned, your lawyer's office will deal directly with your mortgage company. If the mortgage on your property is being paid out or will be assumed by the Purchaser, they will have a statement from the mortgage company which will indicate the amount of money outstanding on the mortgage, When you attend your lawyer's office to sign the deed, you should go over this statement very carefully to make certain the mortgage company has not made an error in their calculations.

If your mortgage is being assumed you should make sure that your mortgage company releases you from the covenants of the mortgage in order to avoid the possibility of future liability.

All mortgage payments which are due on your mortgage up to the date of the transaction are your responsibility to make. If your mortgage falls due on the closing date, contact your lawyer's office immediately to discuss whether or not the payment should be made. Normally, a mortgage payment due on the closing date is the Vendor's responsibility, however, some mortgage companies prepare their calculations in such a way that it would become the Purchaser's responsibility. To avoid overpaying or underpaying, you should call and discuss this matter before making, or not making, a payment.

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