The Contract Of Real Estate Mortgage is a fundamental document in Canadian real estate financing, used when a borrower seeks to secure a loan using real property as collateral. This document is essential for both residential and commercial property transactions across Canada, subject to both federal banking regulations and provincial property laws. It serves multiple purposes: establishing the legal security interest in the property, defining the terms of the loan, outlining the rights and obligations of both lender and borrower, and providing mechanisms for enforcement in case of default. The document must incorporate specific provincial requirements while adhering to federal banking and interest rate regulations. Typically used in property purchases, refinancing, or securing business loans, the Contract Of Real Estate Mortgage includes detailed property descriptions, financial terms, covenants, and conditions that protect both parties' interests throughout the loan term.
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1. Parties: Identification of the mortgagor (borrower) and mortgagee (lender), including full legal names and addresses
2. Background: Context of the mortgage agreement, including the property purchase and loan arrangement
3. Definitions: Definitions of key terms used throughout the mortgage document
4. Property Description: Legal description of the mortgaged property, including lot number, plan, and municipal address
5. Principal Sum and Interest Rate: Details of the loan amount, interest rate, and calculation method
6. Payment Terms: Payment schedule, amounts, and methods of payment
7. Security Interest: Description of the lender's security interest in the property
8. Borrower's Covenants: Promises and obligations of the borrower, including property maintenance and insurance requirements
9. Events of Default: Circumstances that constitute default and the lender's remedies
10. Lender's Rights and Remedies: Actions the lender may take in case of default, including power of sale
11. Property Insurance Requirements: Mandatory insurance coverage and terms
12. Property Tax Provisions: Arrangements for payment of property taxes
13. Assignment and Transfer: Terms regarding the transfer or assignment of the mortgage
14. Notice Provisions: Requirements for giving notice between parties
15. Governing Law: Specification of applicable provincial law and jurisdiction
1. Guarantor Provisions: Terms applicable when there is a guarantor for the mortgage
2. Prepayment Privileges: Special terms for early payment or discharge of the mortgage
3. Construction Provisions: Additional terms for properties under construction or renovation
4. Environmental Warranties: Special provisions regarding environmental conditions and responsibilities
5. Condominium Provisions: Additional terms specific to condominium properties
6. Secondary/Subordinate Financing: Terms regarding additional financing or subordinate mortgages
7. Rental Properties: Special provisions for income-producing properties
8. Foreign Ownership: Additional requirements for non-resident borrowers
1. Schedule A - Property Description: Detailed legal description of the property including surveys and plans
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Standard Charge Terms: Standard mortgage terms filed with the land registry office
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Schedule E - Special Conditions: Any special terms or conditions specific to this mortgage
6. Appendix 1 - Property Tax Assessment: Current property tax assessment and payment arrangements
7. Appendix 2 - Environmental Assessment: Environmental reports or certificates (if applicable)
8. Appendix 3 - Property Inspection Report: Results of property inspection and condition assessment
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