The process varies depending on who owns the land, your builder, and you mortgage lender.
Your lender will forward our office the loan instructions. We will prepare the documents. You will sign them with us at our office. Then at each stage of construction, the lender will forward the advance to our office, and we will disburse the funds as directed.
The legal fee is based on the registered amount of the mortgage. The registered amount of the mortgage is often higher than the actual amount being advanced. Please let us know the registered mortgage amount, and we can confirm the legal fee.
To get started, you will need to provide our contact information to your mortgage lender. They will send our the “Mortgage Instructions”. We will then prepare the documents for you to sign. Once we receive the Mortgage Instructions, documents will usually be ready for you to sign within 1 week. Please also provide our office with any written contract you have with your home builder.
How the funds will be paid will depend on the instructions from your mortgage lender. Sometimes funds will be paid directly to you, and you will pay your contractor, or other times we pay your contractor or their lawyer directly.
