MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.
MacKay & McLean are TRUSTED REGINA LAWYERS
When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families.
What an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There is all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?
Do you know what kind of mortgage you have?
Hardly anyone pays attention to what type of mortgage they have.
Sure, they know whether they have a fixed rate, a variable rate or an adjustable rate but few are aware that their mortgage will have a particular legal standing or why it is important.
When a market goes up, it's all roses and sunshine, at least if you already own your own home. Trying to buy in such a market can be a scary proposition. When the market goes down, well, that's scary too but for different reasons.
Buying a house to find out it might be worthless in a year's time is not a fun proposition. However, we all still need a place to live and the markets will do what it will do.
In the event the downturn is significant or if you know what hits the proverbial fan, all of a sudden that legal distinction can be very important.
Purchase Money Mortgage
For if you have what is known colloquially as a "purchase money mortgage", money borrowed to buy the property, then the bank's recourse is limited to the seizure and sale of the property.
So, if it sold for $1.00 but you still owed $1,000,000, well, the bank will be hoping its mortgage was insured, as they are not unable to chase you for any deficiencies under the mortgage.
This is an important consideration in a lot of foreclosures, as a lot of people have refinanced their property to consolidate debt or finance renovations. Luckily, the portion of the mortgage that related to the property's purchase is still protected.
Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay".
Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.
They provide a full range of legal services including:
- Real Estate & Mortgages
- Wills & Estates
- Family Law & Divorce
- Commercial & Corporate Law
- Litigation & Personal Injury
ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!