Take the following steps to complete the private mortgage Closing form:
Open the Closing Form
- Browse the matter's Forms page
- Click on the Closing form to open it
General
On the General tab of the form
- Enter the Closing Date
- Indicate whether the loan proceeds are being used to finance a purchase
- Indicate whether the loan is guaranteed by a guarantor
- Select the lawyer at your firm who will be acting for the lender
- Select the law clerk at your firm who will be working on the file
- Indicate how you intend to receive the signed documents from the borrower's lawyer
- Indicate whether you wish to list the security documents in your letter to the borrower's solicitor and if so select the security documents that you wish to have listed in your letter
Lenders
To add a lender
- Click on the Lenders tab
- Select whether the Lender you are adding is an individual or a corporation
- Search for the Lender in the search box
- Select the Lender if the Lender is already in the database, otherwise, click on No results found. Create new.
- Click on the form and enter the required information
- Click on Save and Close
- To add another Lender, click on Add Another Lender at the top right of the form and repeat the above steps
Borrowers
To add a borrower
- Click on the Borrowers tab
- Select whether the Borrower you are adding is an individual or a corporation
- Search for the Borrower in the search box
- Select the Borrower if the Borrower is already in the database, otherwise, click on No results found. Create new.
- Click on the form and enter the required information
- Click on Save and Close
- To add another Borrower, click on Add Another Borrower at the top right of the screen and repeat the above steps
Consenting Spouse
To add a consenting spouse
- Add the spouse who is on title as a Borrower
- Mark the marital status of the spouse who is on title as married
- Answer the question Is the Borrower's Spouse on Title? with a No.
- Enter the name of the spouse
- In the Properties tab, answer the question Is this property a matrimonial home? with a Yes.
Nojumi automatically designates a spouse as a consenting spouse when the property is a Matrimonial Home and only one of the spouses is on title.
Lawyers
To add a lawyer
- Click on the Lawyers tab
- Enter the name of the lawyer you wish to add in the Search lawyer box and select the lawyer
- Add the lawyer's law firm name
- Select the parties represented by the lawyer
- To add another lawyer, click on Add Another Lawyer at the top right of the screen and repeat the above steps
Property
Adding a Property
To add a property
- Click on the Properties tab
- Search for the Property in the search box
- Select the Property if the Property is already in the database, otherwise, click on No results found. Create new.
- Click on the form and enter the required information
- Click on Save and Close
- Indicate the rank of the mortgage on the Property
- Select the borrowers who are on title to the Property
- Enter the Minimum Required Value for the Property
- Select whether the Property is owner-0ccupied or tenanted
- To add another Property, click on Add Another Property at the top right of the screen and repeat the above steps
Other Mortgages
You should enter the information of all other mortgages on title to the Property on the Other Mortgages tab, whether or not they are being registered or discharged on closing. To do so
- Click on the Other Mortgages tab
- Click on the right-hand side of the page to edit the content
- Indicate whether the mortgage is on title
- If the mortgage is already on title, enter the registration date and the instrument number
- Select the PIN for the property the mortgage is registered on or is to be registered on
- Indicate whether the mortgage is being discharged on closing or if it is going to remain
- If the mortgage is going to remain on title, indicate its rank after closing
- Indicate whether the mortgage is a private or institutional mortgage
- Enter the name and address of the mortgagee
- Enter the maturity date
- Enter the principal amount of the mortgage
- Enter the permitted balance
- Enter the actual outstanding balance on closing
- Indicate when and how the actual balance on closing was determined