The Contract to Sell with Assumption of Mortgage is a specialized agreement used in Canadian real estate transactions when a buyer wishes to take over the seller's existing mortgage instead of obtaining new financing. This arrangement can be advantageous when the existing mortgage has favorable terms or when interest rates have increased significantly. The document is particularly relevant in markets where mortgage portability is desired and requires careful consideration of both federal banking regulations and provincial property laws. It includes detailed provisions for the transfer of property ownership, assumption of mortgage obligations, and necessary lender approvals. This type of agreement is commonly used in both residential and commercial property transactions across Canada, requiring careful attention to provincial variations in property law and mortgage regulations. The document must comply with the requirements of the Bank Act, provincial property legislation, and specific mortgage assumption guidelines set by the lending institution.
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1. Parties: Identification of the Seller, Buyer, and existing Mortgagee
2. Background: Context of the sale and existing mortgage situation
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property being sold
5. Purchase Price and Payment Terms: Breakdown of purchase price, deposit, and payment structure
6. Mortgage Assumption Details: Terms of the existing mortgage being assumed, including principal amount, interest rate, and payment schedule
7. Mortgagee Consent: Acknowledgment and approval from the existing mortgagee for the assumption
8. Buyer's Covenants: Buyer's obligations regarding mortgage payments and compliance with mortgage terms
9. Seller's Representations and Warranties: Seller's declarations regarding the property and mortgage status
10. Closing Procedures: Steps and requirements for completing the transaction
11. Default and Remedies: Consequences and solutions for breach of contract
12. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Property Management Transition: Required when property is currently rented or has ongoing management contracts
2. Environmental Matters: Needed for properties with potential environmental concerns or in industrial/commercial zones
3. Condominium/Strata Provisions: Required for condominium or strata properties
4. Secondary Financing: Include when there are additional mortgages or liens on the property
5. Insurance Assignment: Required when transferring existing insurance policies
6. GST/HST Provisions: Needed for commercial properties or new residential properties
7. First Nations Land Provisions: Required for properties on First Nations land
8. Release of Seller Liability: Optional clause regarding seller's continued liability under the original mortgage
1. Schedule A - Property Description: Detailed legal description and property boundaries
2. Schedule B - Existing Mortgage Details: Complete mortgage terms, conditions, and payment history
3. Schedule C - Property Inspection Report: Current condition of the property
4. Schedule D - Outstanding Tax Certificate: Current property tax status and outstanding amounts
5. Schedule E - Permitted Encumbrances: List of accepted liens, easements, or encumbrances
6. Appendix 1 - Mortgagee Consent Form: Standard form for mortgagee's approval of assumption
7. Appendix 2 - Financial Statements: Buyer's financial information for mortgagee approval
8. Appendix 3 - Property Insurance Certificates: Current insurance documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Financial Services
Legal Services
Insurance
Property Management
Mortgage Lending
Construction and Development
Property Investment
Relevant Teams
Legal
Real Estate Operations
Mortgage Services
Property Management
Risk Assessment
Compliance
Document Processing
Financial Services
Property Acquisitions
Title Services
Relevant Roles
Real Estate Lawyer
Mortgage Broker
Real Estate Agent
Property Manager
Bank Manager
Mortgage Underwriter
Title Officer
Real Estate Investment Manager
Property Developer
Legal Counsel
Compliance Officer
Real Estate Portfolio Manager
Property Acquisition Specialist
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