The Conditional Deed of Sale With Assumption of Mortgage is a specialized legal instrument used in Canadian real estate transactions where the buyer takes over the seller's existing mortgage instead of obtaining new financing. This document type is particularly useful in situations where the existing mortgage has favorable terms or when the buyer wants to avoid the costs associated with new financing. It must comply with both federal banking regulations and provincial property laws, making it more complex than a standard deed of sale. The document includes detailed conditions that must be met before the sale can complete, primarily focusing on the mortgage lender's approval of the buyer's assumption of the existing mortgage. It provides comprehensive information about the property, current mortgage terms, conditions for assumption, and protections for all parties involved. This type of agreement is commonly used in both residential and commercial property transactions across Canada, particularly in markets where mortgage portability and assumption are advantageous to buyers.
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1. Parties: Identification of the Seller, Buyer, and current Mortgagee
2. Background: Context of the transaction, including current mortgage status and intention to transfer
3. Definitions: Key terms used throughout the document, including Property, Mortgage, Closing Date, etc.
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price and Payment Terms: Total purchase price, deposit details, and payment structure
6. Mortgage Assumption Details: Current mortgage balance, terms, and conditions of assumption
7. Conditions Precedent: Conditions that must be met before the sale can complete, including mortgage lender approval
8. Seller's Representations and Warranties: Seller's declarations regarding property title, condition, and mortgage status
9. Buyer's Representations and Warranties: Buyer's declarations regarding financial capacity and intention to assume mortgage
10. Closing Procedures: Steps to be taken to complete the transaction
11. Title Transfer: Process and requirements for transferring property title
12. Adjustments: How property taxes, utilities, and other expenses will be prorated
13. Default and Remedies: Consequences and available remedies if either party defaults
14. Notices: How formal communications between parties should be made
15. Governing Law: Specification of applicable Canadian jurisdiction
16. Execution: Signature blocks and witness requirements
1. Property Management Transition: Used when property is currently rented or leased to third parties
2. Environmental Conditions: Required when property has known environmental issues or requires assessment
3. Cooperative Housing Provisions: Included when property is part of a cooperative housing corporation
4. Secondary Financing: Required when additional financing exists or will be placed on the property
5. Spousal Consent: Required when property is or was a matrimonial home
6. First Nations Land Provisions: Required for properties on First Nations land
7. Condominium Provisions: Required when property is a condominium unit
8. Release of Original Mortgagor: Used when original mortgagor seeks release from future liability
1. Schedule A - Legal Property Description: Detailed legal description and property boundaries
2. Schedule B - Current Mortgage Details: Complete mortgage terms, conditions, and payment schedule
3. Schedule C - Property Inclusions and Exclusions: List of items included/excluded in the sale
4. Schedule D - Current Lease Agreements: Details of any existing tenancies
5. Schedule E - Property Condition Report: Current state of property and any known defects
6. Schedule F - Outstanding Work Orders: List of any municipal or regulatory work orders
7. Appendix 1 - Mortgage Assumption Application: Lender's required forms for mortgage assumption
8. Appendix 2 - Property Tax Assessment: Current property tax assessment and payment status
9. Appendix 3 - Title Search Results: Recent title search showing current encumbrances
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