- When applying for a mortgage, your broker will require the contact information of your solicitor (or "lawyer" in layperson terms) that will be handling the legal documents needed for the transfer of title. This contact information typically includes name and location of the law firm, and the solicitor’s name, telephone, facsimile and e-mail address. If you do not have a solicitor, ask your mortgage broker for a recommendation.
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Related Terms and Acronyms
- Agreement of Sale (AOS) — Acronym,
- A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
- Credit Bureau (CB) — Acronym, Very Important,
➥ Company that determines one's credit worthiness.
- A company that collects and sells information about how people handle credit. It issues credit reports that list how individuals manage their debts and make payments, how much untapped credit they have available and whether they have applied for any loans. The reports are made available to individuals and to creditors who profess to have a legitimate need for the information.
- Credit History — Definition,
- A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
- Document Needs List — Definition,
- An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
- Insurance Attorney — Definition,
- An attorney who works with insurance law.
- Legal Fees and Disbursements — Definition,
- Charges paid on your behalf by a solicitor that are in addition to professional costs.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
- Verification of Employment (VOE) — Acronym, Important,
- Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.