Solicitors Series: Part 3
Best Practices for Second and Private Mortgages
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| Air Date: |
This is the archived version of a program presented on May 6, 2020. |
| Speaker(s): |
Tim Lack, Partner, BridgehouseLaw Vancouver |
| Format: |
Webinar Recording |
| CPD Hours: |
1 Hour of Approved Continuing Professional Development in BC
Viewing of this recording will provide you with 1 hour of the ethics, professional responsibility and practice management component for your Law Society of BC reporting.
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SYNOPSIS
This talk examines the nuances and the additional difficulties for lawyers and their staff when doing second and private mortgages. We will examine the context and the business context of such loans and the players involved. We will examine how to handle the tight time frames, the players involved and the limitations in doing full due diligence. And we will discuss the problem in getting proper instructions. In that regard, we will discuss common errors made when its not the bank’s “paper”.
We will examine the necessity of ILA and discuss the recent issues raised in the Galpin case (the little old lady in West Van who mortgaged her house away) and how to avoid these situations.
We will discuss priority issues as between the existing (or new) first mortgage and the second mortgage. In that regard, we will go over the problems of confirm the first mortgage balances and how to avail your client of the sec. 28 rights to protect the second’s priority over further advances by the first. The recent decision Forjay will be examined and we will show how it has clarified the procedures in giving notice to the first mortgagee of the priority that the second wishes to assert.
About Tim Lack
Tim Lack is a Vancouver lawyer and practices in the areas of wills, estates, real estate, commercial lending and business law. In addition to his active estate practice, he acts for many business people and companies, who utilize his services for all their commercial matters.
Tim has been the responsible lawyer for over 10,000 real estate transactions, acting for banks, credit unions and many other institutional and private lenders. His work with private lenders is extensive and he has been asked to provide numerous expert opinions on private lending issues for litigation lawyers. He has lectured on several occasions to other lawyers on this subject.
Tim has been involved in residential and commercial conveyancing, land assemblies, office and industrial leasing, including landlord and tenant disputes. As part of his real estate development work, Tim has counselled clients from acquisition, through development and to final sales on condo projects, including mixed use and hotel developments.
Recent Professional Speaking Engagements and Publications
- Regular speaker for mortgage brokers, senior groups, university students, and strata owners on matters requiring expertise from Tim’s solicitor’s practice
- The Continuing Legal Education Society of British Columbia Real Estate Conference, Vancouver, British Columbia, 2019; Conference Co-Chair
- The Continuing Legal Education Society of British Columbia Real Estate Conference, Vancouver, British Columbia, 2018; Conference Co-Chair and Speaker and Author: Mortgage Lending: New Case Law and Practice Points for your Mortgage Practice
- Canadian Mortgage Broker Magazine, Spring 2018; Co-Author: Protecting the Priority of Second/Private Mortgages
- The Continuing Legal Education Society of British Columbia Real Estate Conference, Vancouver, British Columbia, 2017; Conference Co-Chair and Speaker and Author: Mortgage Lending: Case Law Update and Best Practices
- The Continuing Legal Education Society of British Columbia Real Estate Fundamentals for Lawyers, Vancouver, British Columbia, 2016; Speaker and Author: Practical Tips and Tricks for Small Firm Real Estate Practice
- The Continuing Legal Education Society of British Columbia Real Estate Conference, Vancouver, British Columbia, 2015; Conference Co-Chair and Speaker and Author: Giving Priority to Priorities in Mortgage Transactions
- The Continuing Legal Education Society of British Columbia Advanced Conveyancing Topics for Paralegals and Support Staff, 2015; Speaker and Author: The Nuances of Second and Private Mortgages for Conveyancers
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