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What is a legal mortgage?

Published on June 24, 2019 by MultiPrêts MR

Construction legal mortgage is a mechanism to protect, sub-contractors and all workers who participated in the construction or renovation of a house.

This mechanism is very powerful since it comes before a conventional mortgage from a financial institution. In the event of default, they would have 30 days after completion of the work to record a lien. I. Even if a person performs work without a license and that you are aware, may record a lien.

When a mortgage for new construction or substantially renovated home, the financial institution will give you a loan with progressive disbursements, to ensure that work is done and there will be no mortgage legal.

To do this, each paid a 15% withholding will apply and the financial institution will release the 15%, thirty-five days after completion.

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