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Canadian Real Estate/Removing Parent From Title

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Question
Our current mortgage has my wife's parents on with us as co-owners.  We are in the process of refinancing and have been approved for a new mortgage in our own names.  Should we expect any extra legal fees to remove her parents from the title or will the normal closing costs cover this?

Thanks for your time.
Chris

Answer
You should not have to pay any extra fees other than the ones that you already agreed to in the original agreement.  You should contact the bank you got the mortgage from to be sure.  It is also possible that your in-laws are not on title and only co-signers/guarantors on the mortgage.

Usually when you refinance your mortgage the bank does not charge any penalties as long as you stay with them.

Best Regards

David  

Canadian Real Estate

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David Sussman

Expertise

Residential Real Estate Questions in Ontario such as financing possibilities, clauses, how to choose the right agent, buying/selling your home/condo and anything else that relates to real estate trading such as what my home is worth or tips and hints for how to protect yourself as a buyer or seller.

Experience

Residential Real Estate Agent in the City of Toronto for Royal LePage, Signature Realty.

Organizations
Toronto Real Estate Board Canadian Real Estate Association Royal LePage Signature Realty

Education/Credentials
Carleton University, B.A. and Business Management from U of T

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