Okay so I just finished all the last paperwork for the house (May 4th,2010). I got the papers emailed to me from my lawyer in Regina Monday afternoon (May 3rd, 2010). I emailed them off to my real estate lawyer in YK. I then took a quick glance at the paperwork and found two clauses that made me pause.
1) Insurance Confirmation to be completed by insurer on or before possession date.
2) Certificate of Independent Legal Advice.
I quickly emailed my insurance broker in Regina about this and she gave me a letter saying that a policy was on it's way, but that they don't create the policy till closer to the policy date. She assured me that was enough.
The second clause was a bugger for a couple of reasons. For one I was the one who put this deal together so I'm not sure why I'm the one needing to seek independent legal advice while my Joint Venture partner did not? This was written into the Scotia Bank mortgage. Next time I'm going to have to make sure that clause is left out. I'm not saying getting independent legal advice is not a good thing. I'm saying it should not be a clause that stops you from getting a mortgage. The second thing is that my real estate lawyer in Yellowknife was going to be our Notary Public (the guy that watches us sign basically) so he wasn't independent to the transaction anymore... so now I had to scramble to find another lawyer who would give me independent legal advice (which I didn't need). Luckily my Real estate lawyer was able to help me find another lawyer who could just run me through the basics and sign on the dotted line.
Basically...the "advice" was a mortgage means you owe money to the bank and have to pay them back. If you don't they can foreclose on you. Thanks, and here's $105 bucks for your signature. Ugh... then another $52.50 for the notary publics John Henry. (Though having a lawyer be your Notary is very useful here... he actually went through each clause with us as we signed to make sure we understood). There were 3 copies of the mortgage papers to sign. Many lawyers must get carpal tunnel.
This whole transaction was a bit rushed since the lawyer in Regina wanted everything back to them by the 7th of May (but only got it to me the afternoon of the 3rd)... since the closing date is on the 10th of May. Next time I think I'll make sure they get those damn papers to me more than just a couple of days before the possession date =P And from Yellowknife even with Priority mail it is only guaranteed to be there within 2 days. Imagine if my lawyer was not available right away? How about that independent legal advice trap? Anyways we did luck out... Learn something new each time right?
Hope you all learned from my experience and followup with everyone early on yourselves... no one cares about your transaction as much as you.