HELPING RESIDENTIAL REAL ESTATE LAWYERS RESPOND TO LENDER INSTRUCTION REQUESTS

The Mortgage Instructions Toolkit is a practical resource for residential real estate lawyers in Canada. Over the last few years, lender instructions have increased in scope and lawyers may find themselves being pressured to give opinions and assume responsibility for matters outside their areas of expertise. The result is a significant increase in potential liability.

Although lenders’ title insurance policies are obtained in most residential mortgage loan closings, title insurance does not cover all elements of a residential transaction or resolve all difficulties with a lender’s instructions. The Canadian Bar Association’s Real Property Law Section is planning to work with the Canadian Bankers Association to seek improvements to problematic lender instructions in residential real estate transactions. Please send any issues you are facing with lender instructions to cbarealproperty@cba.org.

HOW TO USE THIS TOOLKIT

Prepared by the CBA Real Property Section, the practice tools in this toolkit can help you respond to some common lender instruction requests.

IN THIS TOOLKIT

Disclaimer & Feedback

FINANCIAL INSTITUTION INFORMATION

Further to discussions between the Canadian Bar Association and the Canadian Bankers Association, financial institutions (FI) have provided information for lawyers to assist in their transaction or to share with their clients. Please consult the following documents and contact us at cbarealproperty@cba.org if you would like us to request more information from FIs. As more information becomes available it will be added here. We hope this will be your first contact point for FI information. 

Financial Institution accepting wire payments for discharge of mortgage

Information on where to find mortgage instructions and discharge statement

Mortgage pre-payment information for borrowers (to be exercised prior to the discharge date)

Wire transfer best practices