April 15, 2002, TORONTO

Scotiabank is now offering the Scotia Cut Your Closing Costs™ Mortgage which covers the homebuyer’s most significant home closing costs when purchasing a resale home. This mortgage program includes the services of a lawyer/notary, who will answer the homebuyer’s legal enquiries, and take them step by step through the home closing process right to completion. This innovative new mortgage is available only at Scotiabank and is being offered through an exclusive agreement with First Canadian Title.

 “Our customers have told us that completing a home purchase transaction can be a complicated and intimidating process,” said Alberta Cefis, Executive Vice-President, Retail Lending Services. “We’ve developed the Scotia Cut Your Closing Costs™ Mortgage because we want to take some of the worry out of buying a home and help our customers potentially save thousands of dollars on their home purchase.”

The Scotia Cut Your Closing Costs™ Mortgage provides the following benefits to customers at no cost:

  • Scotia Home Closing Services, which includes the service of a lawyer/notary to ensure their home purchase transaction is completed properly 
  • All standard legal fees and disbursements
  • All fees for the registration of the mortgage and the title transfer 
  • All provincial Land Transfer taxes (Welcome Tax in Quebec and Deed Transfer Tax in Nova Scotia)
  • Title insurance, which protects the home purchaser for losses suffered as a result of title defects unknown at the time of closing that may arise
  • Property appraisal fee for uninsured mortgage applications or the mortgage insurance application fee, which incorporates the property appraisal service fee
  • Home Closing Protection, to compensate the purchaser for any additional costs incurred (to a maximum of $25,000) if there is a delay in the home closing or if the closing does not take place for any reason outside the purchaser’s control
  • Scotia Home Protection Program, that provides customers with six months of service protection for their home systems and appliances, regardless of their age or condition
  • $500 cash rebate which may be used for any purpose.

“Scotiabank recognizes that each customer is unique. That is why we continue to expand and develop innovative home ownership solutions to help Canadians meet their individual borrowing needs, and to keep their costs down,” said Cefis. “The features of the Scotia Cut Your Closing Costs™ Mortgage take the uncertainty out of the home closing transaction, which makes this a timely and relevant mortgage product in the Canadian marketplace.”

“By including all major closing costs and providing customers with legal representation to guide them through the home closing process, this mortgage will certainly meet the needs of homebuyers who want peace of mind and financial certainty pertaining to their purchase transaction,” said Izzy Farber, a lawyer with the Ottawa firm Farber & Robillard. Mr. Farber is part of First Canadian Title’s extensive network of lawyers providing legal representation to Scotiabank customers through Scotia Home Closing Services.

This product is only applicable to Scotiabank fixed rate mortgages with a closed term of five years or longer at posted rates for resale properties.

For many Canadians, buying a home will be the single largest purchase they will make. There are many mortgage options available and it’s important that people choose the right one to best suit their needs and unique financial situation. Customers can begin to search for the right mortgage solution by stopping by a Scotiabank branch or by contacting one of our mortgage specialists. For in-home service, click on the Mortgage Specialist Locator at

Scotiabank is one of North America's premier financial institutions, with more than $294 billion in assets and approximately 51,000 employees worldwide, including affiliates. It is also Canada's most international bank with more than 2,000 branches and offices in 50 countries. Scotiabank is on the World Wide Web at

The country’s leading provider of title insurance and other real estate related products and services, First Canadian Title, pioneered the concept of title insurance in Canada in 1991. Last year alone, First Canadian Title issued more than 260,000 title insurance policies. First Canadian Title’s responsive underwriting skills and unparalleled experience in handling and resolving claims set it apart from its competitors. The Company offers customers a number of valuable products and services including title insurance for both residential and commercial transactions, residential refinance programs for lenders, home closing services and real estate tax services. Based in Mississauga, with offices throughout Canada, First Canadian Title is the registered business name of First American Title Insurance Company’s Canadian operations. All title insurance policies are underwritten and issued by First American Title Insurance Company.

Tracing its history to 1889, The First American Corporation (NYSE: FAF) is the nation’s leading, diversified provider of business information and related products and services. The corporation’s three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting; resident screening; pre-employment screening; automobile title administration; property and automotive and insurance tracking services; property and casualty insurance; home warranties, investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at


Access the powerful online services available only at First American.

Sign In
Forgot Username or Password?

Sign Up

Sign up for a myFirstAm® account.

Other Platforms

  • FASTWeb

    Title ordering, routing and tracking.

  • AgentNet®

    eJackets, closing protection letters, back title, bulletins and more.


    Access the nation's largest land record database.

  • Home Warranty

    Coverage for a home's major systems and appliances.