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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100971
Experience:  Lawyer
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Is it legal a broker charge a 1% cancellation fee, after I

Customer Question

Is it legal a broker charge a 1% cancellation fee, after I signed an agreement, not the title contract, just an agreement that stated if my bank matched my rate and I decided to keep my mortgage with my current lender, I would be charged a 1% fee.
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
Did the bank match the rate and so you decided to go with the bank?
Customer: replied 2 years ago.
Not yet, i need your answer to either go ahead with my bank or back off.
Expert:  Debra replied 2 years ago.
You agreed that you would pay the 1% so I don't see any way out of that. The only way I can see you getting out of the agreement is if you were mis-represented in some way or unduly pressured to come to this agreement. I am sorry I cannot provide a more optimistic answer.