RBC Now Accepting Mortgage Discharges by Wire
This week’s update from FOLA’s real estate committee includes news that RBC is now accepting mortgage discharges by wire and a recap of their meeting with Ontario government staff on remote commissioning and remote notarization.
Here’s the complete update from June 12.
Dear Real Estate Representatives, Presidents and Library Staff,
In an effort to keep real estate lawyers updated with the ever-changing situation, we have further information to be shared with the real estate lawyers in your association.
RBC Accepting Mortgage Discharges by Wire
Hurray! We understand that RBC has rolled out a new procedure for personal mortgage payout request effective June 15, 2020. We hope this means that our messaging to the banks has been working and that more banks will follow. Here are the RBC details:
Effective June 15 - to support COVID-19 physical distancing protocols, our Personal Mortgage and Homeline Plan Payout team is introducing a digital alternative to a cheque or draft.
Lawyers can now contact the Payout Statement Phone Team (1-800-974-1163) to send a wire payment instead of mailing/dropping-off a cheque or draft.
Lawyer Process:
The Payout Statement Phone team will provide lawyers with a password protected e-mail using Secure Webmail with:
• Incoming wire instructions for Transit 08943 (excluding Quebec)
• Payout and discharge instructionsThe lawyer will need to reply via secured e-mail with the following documents:
• Wire Confirmation
• Payout Statement
• Payout and discharge instructions (same letter that would normally accompany your cheque)
• Form C (British Columbia only)Virtual Commissioning
We had a very positive meeting with the Ministry of Attorney General and Ministry of Consumer and Government Services staff on June 10, 2020 regarding virtual commissioning and virtual notarization. A copy of our written submissions are available on the FOLA website here.
If and when we receive further information of interest to the real estate bar, we will pass it along. Stay up to date with FOLA’s real estate information at https://fola.ca/real-estate-law.
Merredith MacLennan and Eldon Horner
FOLA Real Estate Co-Chairs
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