Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Real Estate Lawyer Robert MacKay asks: Do you know what kind of mortgage you have?

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’s 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?

The Trusted Regina team is proud to bring you a partner that can help! Welcome Robert MacKay, Regina’s #1 Home Lawyer to Regina’s directory of excellence!


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 worth less 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 the 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", moneys 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 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 is your Trusted Regina Real Estate Lawyer   

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Regina, SK   S4R 1P3
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