Can one of you smart guys explain me to why I pay Tangerine a $250 Discharge "Fee", in addition to paying my lawyer $300 for the Discharge??

[farquhar]

Just sold an Investment Property in Guelph; it closed last week and I received the Final Report from the Lawyer Today.

In Tangerine's payout statement, $250 was added for a Discharge Fee.

Lawyer charged $300 for Preparing and Registering the Discharge of the Mortgage.

What the fuck kind of mafia shit is this?? If my Lawyer is Discharging the Mortgage, why does Tangerine still charge their $250 fee?

 

[Pleasure Hound]

Because you have no power?

 

[farquhar]

Serious answers only please.

 

[oakvilleguy]

Unfortunately it’s also the same with other lenders. Probably for them to prepare the paperwork but it’s like a car dealer charging an admin fee when you buy a car. Total scam.

 

[farquhar]

Unfortunately it’s also the same with other lenders. Probably for them to prepare the paperwork but it’s like a car dealer charging an admin fee when you buy a car. Total scam.

Prepare the paperwork? You mean sending a 4 page fax to my lawyer? Shit, that is one expensive fax.

Gotta love this country. We just bend over and take it from our Banks; Telecoms; Car Dealers; etc.

Well, at least I can afford a lot of KY Jelly with the money I received.

 

[Ponderling]

Read the fine print when you signed up for the mortgage.
Likely says something like administrative fees apply at time of termination of this contract, in order for us to discharge our claim on title.
Your lawyer send them the money to pay off the mortgage.
Then they need to file at land titles office to discharge their claim on the property title.

 

[farquhar]

Read the fine print when you signed up for the mortgage.
Likely says something like administrative fees apply at time of termination of this contract, in order for us to discharge our claim on title.
Your lawyer send them the money to pay off the mortgage.
Then they need to file at land titles office to discharge their claim on the property title.

Lawyer did that part. The $250 is simply an Administrative Fee from Tangerine Bank; nothing more.

 

[oakvilleguy]

Prepare the paperwork? You mean sending a 4 page fax to my lawyer? Shit, that is one expensive fax.

Gotta love this country. We just bend over and take it from our Banks; Telecoms; Car Dealers; etc.

Well, at least I can afford a lot of KY Jelly with the money I received.

Well they had to get their lawyer to do that and I don’t know many lawyers who would do anything for less than $200/hr

 

[farquhar]

Well they had to get their lawyer to do that and I don’t know many lawyers who would do anything for less than $200/hr

Yup; in addition to charging $20 for Stamps; $20 for Photocopies; $35 for Software; etc., etc., etc.

 

[Mr.Know-It-All]

Gotta love this country. We just bend over and take it from our Banks; Telecoms; Car Dealers; etc.

Well, at least I can afford a lot of KY Jelly with the money I received.

If you've lived in this country long enough, you should have a gape large enough to not require lube anymore.

 

[Pleasure Hound]

Prepare the paperwork? You mean sending a 4 page fax to my lawyer? Shit, that is one expensive fax.

Gotta love this country. We just bend over and take it from our Banks; Telecoms; Car Dealers; etc.

Well, at least I can afford a lot of KY Jelly with the money I received.

See my initial answer.....

 

[poker]

Lawyer did that part. The $250 is simply an Administrative Fee from Tangerine Bank; nothing more.

Your lawyer summits the discharge request. He does not have the authority to discharge it. They still have paper work on their end.

Bottom line though is… it’s an excessive fee, because they can.

 

[HobbyHorse]

Sounds reasonable.
Escorts charge me a similar “discharge fee” (but no lawyer is required.)