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The Agreement For Sale of Mortgaged Property is a specialized legal document used in Canadian real estate transactions where a property being sold has an existing mortgage. This document is essential when the vendor's property is subject to a mortgage that must be addressed as part of the sale process, either through discharge using sale proceeds or through assumption by the purchaser. The agreement includes critical details about the property, existing mortgage, purchase price, payment terms, and closing requirements, ensuring compliance with both federal banking regulations and provincial property laws. It's particularly important for protecting all parties' interests by clearly outlining responsibilities regarding mortgage discharge, payment arrangements, and title transfer procedures. The document is commonly used in residential and commercial property transactions across Canada, requiring careful attention to jurisdiction-specific requirements and mortgage lender policies.

1. Parties: Identifies and provides full legal details of the Vendor (current property owner), Purchaser, and existing Mortgagee

2. Background: Outlines the current ownership status, existing mortgage details, and intention to sell the mortgaged property

3. Definitions: Defines key terms used throughout the agreement including Property, Mortgage, Closing Date, Purchase Price, etc.

4. Property Description: Detailed legal description of the property being sold, including municipal address and legal title information

5. Purchase Price and Payment Terms: Specifies the agreed purchase price, deposit amount, and payment structure

6. Mortgage Details: Details of the existing mortgage, including outstanding balance, terms, and discharge requirements

7. Closing Process: Outlines the procedures for closing, including mortgage discharge, title transfer, and payment arrangements

8. Representations and Warranties: Statements of fact and guarantees by the Vendor regarding the property and mortgage status

9. Vendor's Covenants: Vendor's obligations regarding mortgage payments until closing and cooperation in discharge process

10. Purchaser's Covenants: Purchaser's obligations regarding payment, due diligence, and closing requirements

11. Title Transfer: Process and requirements for transferring clear title to the Purchaser

12. Closing Adjustments: Details of adjustments to be made at closing for taxes, utilities, and other expenses

13. Default and Remedies: Consequences and available remedies if either party defaults on their obligations

14. General Provisions: Standard clauses including notices, entire agreement, governing law, and amendments