RRSP 2nd Mortgages Lawyer

[patriciacw]

I hear everyone speaking about RRSP 2nd mortgages.

However, when it gets down to anyone recommending a lawyer who deals with this, no one seems to know of one.

I`ve moved funds in place into a TD Waterhouse Discount Brokerage Account.

The Bank is arranging the second mortgage.

But now, my understanding is that I must have a lawyer to register this mortgage on title.

Could someone please recommend a good lawyer who deals in RRSP 2nd mortgages.

I want to close on a property at the end of the month with this in place, using these RRSP funds.

I`m living in Toronto. The property on which I am extending the second mortgage, is in Mississauga.

 

[MonteDobson]

RSP 2nd mortgages can be a bit of a complex transaction.

A few things to consider are as follows:

- You likely can`t close on the property with the RSP funds as most 1st mortgage lenders do not allow 2 mortgage financing at time of closing
- RSP funds can only be used for "arms length" transactions meaning that you cannot fund a mortgage on a property that you or your close relatives have a vested interest in
- Most people close on the property in the traditional way using cash down payment plus 1st mortgage financing, and then place the 2nd mortgage on after closing

Just some things to think about...you will for sure want to find an experienced lawyer to help you with this transaction

We have done a number of RSP 2nd mortgages, so if you have any questions, feel free to contact me anytime.

Regards,

 

[markl]

Robert Divicenzo who is a REIN member has done multiple RRSP mortgages for me. his phone humber is 416-962-2666

Good Luck

 

[patriciacw]

QUOTE (markl @ Jul 10 2008, 06:28 AM) Robert Divicenzo who is a REIN member has done multiple RRSP mortgages for me. his phone humber is 416-962-2666

Good Luck

Robert,
I appreciate your input.

I`ll give him a call.

 

[patriciacw]

QUOTE (C2Ventures @ Jul 9 2008, 10:59 PM) RSP 2nd mortgages can be a bit of a complex transaction.

A few things to consider are as follows:

- You likely can`t close on the property with the RSP funds as most 1st mortgage lenders do not allow 2 mortgage financing at time of closing
- RSP funds can only be used for "arms length" transactions meaning that you cannot fund a mortgage on a property that you or your close relatives have a vested interest in
- Most people close on the property in the traditional way using cash down payment plus 1st mortgage financing, and then place the 2nd mortgage on after closing

Just some things to think about...you will for sure want to find an experienced lawyer to help you with this transaction

We have done a number of RSP 2nd mortgages, so if you have any questions, feel free to contact me anytime.

Regards,

Thanks for your reply, Monte!

 

[patriciacw]

QUOTE (C2Ventures @ Jul 9 2008, 10:59 PM) RSP 2nd mortgages can be a bit of a complex transaction.

A few things to consider are as follows:

- You likely can`t close on the property with the RSP funds as most 1st mortgage lenders do not allow 2 mortgage financing at time of closing
- RSP funds can only be used for "arms length" transactions meaning that you cannot fund a mortgage on a property that you or your close relatives have a vested interest in
- Most people close on the property in the traditional way using cash down payment plus 1st mortgage financing, and then place the 2nd mortgage on after closing

Just some things to think about...you will for sure want to find an experienced lawyer to help you with this transaction

We have done a number of RSP 2nd mortgages, so if you have any questions, feel free to contact me anytime.

Regards,

Thanks for your reply, Monte!