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Thursday, July 16, 2015 - The IFP - H alton H ills - w w w .theifp.ca Page 13 Does my line of credit need to be paid off when I sell my home? ASK THE PROFESSIONAL When you sell your home, you are to ensure that your home is free and clear of any mortgages or liens. It is your lawyer's responsibility to figure out what mortgages and liens are on your property, obtain discharge statements, and pay off the debts from the proceeds from the sale. So your lawyer will ask you if you have any mortgages, and youmay answer "no" because all you have is a line of credit. However, often that line of credit will be secured by your property. The term "mortgage" probably wasn't used by your bank representative in arranging your line of credit, but since it is secured by your home it is effectively a mortgage and it will be registered on title. This means that when you sell your home you would need to pay off the balance of the loan for the line of credit/mortgage to be discharged. If you are thinking of selling your home and calculating your potential sale proceeds, be sure to account for your secured line of credit. 33 Main Street South Acton, ON L7J 1X3 Tel: 519-853-1330 Fax: 519-853-4645 Email: macchap@on.aibn.com Mark Hilliard Mackenzie & Chapman Barristers and Solicitors The advice offered in this column is intended for informational purposes only. Use of this column is not intended to replace or substitute any professional, financial, medical, legal, or other professional advice. We work for you. legal matters Q A REAL ESTATE LAW Our doors are now open. Branch Hours MONDAY-WEDNESDAY 9:30 AM-5:00 PM THURSDAY & FRIDAY 9:30 AM-7:00 PM SATURDAY 9:00 AM-4:00 PM SUNDAY CLOSED CIBCMountainview&Danby Banking Centre 380Mountainview Rd. S. | Georgetown | 905 877-4626 Our new CIBC branch is open in the neighbourhood for all your banking needs. So drop in and ask about our limited time offers. D A N BY RD . MONTAINVIEW RD. S. ONE $1000 Travel Voucher from Flight Centre Enter* in branch for a chance to WIN *NO PURCHASE NECESSARY. The prize consists of one (1) $1000 Travel Voucher from Flight Centre. To enter, fill out ballot inbranch,availablebetween9:30am,July13,2015,and4:00pm, August 14, 2015, one per person. Odds of winning depend on number of ballots submitted. Skill-testing question required. Employees, minors and Quebec residents not eligible. Full contest details in branch. Prize supplier is not a sponsor of the contest. CIBC Cube Design and "Banking that fits your life." are trademarks of CIBC. #FitsYourLife NEWS In the early morning hours of Tuesday, June 22, Halton Hills firefighters responded to the report of a possible structure fire on Mc- Intyre Cr. A home was struck by lightning during a severe storm, Halton Hills Fire Department (HHFD) reported in a press release issued recently. The lightning travelled down a rear eaves- trough, blowing apart a rain barrel, then jumping to an aluminum basement win- dow. The lightning then jumped from the window to the steel tracking in the drop ceil- ing, blowing out two ceiling tiles and scorch- ing the wood around the window. There was light smoke in the basement and several breakers on the hydro panel had been tripped including the main breaker for the panel. Fire staff ventilated the home and over- hauled the basement area around the win- dow. A re-check of the house found a plug on the main floor living room that had some scorching around it. Hydro was contacted to come and pull the meter and advised the owners that they would need to have an electrician come in and check the home before the power could be turned back on. As a result of the same severe storm, HHFD responded to two alarm activations. One was on Winston Churchill Blvd., south of 10 Sideroad, where fire staff met with a worker who advised that the security system had activated a short while before. The security alarm rang for a short period of time and reset itself. Fire staff looked around the outbuild- ings for any signs of a cause of the alarm, with nothing found. It is believed the alarm sounded due to a power spike due to light- ning in the area. Home struck by lightning