The Real Estate Mortgage Agreement is a fundamental document in Canadian property financing, used when a lender provides funds to a borrower with real property serving as collateral. This agreement is essential for both residential and commercial property transactions across Canada, subject to both federal banking regulations and provincial property laws. It must comply with provincial land titles systems, consumer protection legislation, and federal banking requirements. The document typically includes detailed terms about the loan amount, interest rates, payment schedules, property details, borrower obligations, lender rights, default provisions, and enforcement mechanisms. It's particularly important to note that while federal laws govern banking aspects, property rights and enforcement mechanisms are primarily governed by provincial legislation, making it crucial to adapt the agreement to specific provincial requirements.
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1. Parties: Identification of the lender (mortgagee) and borrower (mortgagor), including full legal names and addresses
2. Background: Context of the mortgage agreement, including property purchase details and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terminology
4. The Property: Detailed legal description of the mortgaged property, including municipal address and legal title details
5. Loan Amount and Interest: Principal amount, interest rate, calculation method, and payment terms
6. Payment Terms: Schedule of payments, payment methods, and application of payments to principal and interest
7. Security: Description of the mortgage as security, including the charge on the property
8. Borrower's Covenants: Standard promises by the borrower, including property maintenance, insurance, and tax payments
9. Lender's Rights: Rights of the lender, including inspection rights and remedies upon default
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement: Lender's enforcement rights and remedies, including power of sale and foreclosure procedures
12. General Provisions: Standard clauses including notices, amendments, and governing law
13. Execution: Signature blocks and witnessing requirements
1. Prepayment Privileges: Terms for early repayment of the mortgage, used when the lender offers prepayment options
2. Assignment and Assumption: Terms for transferring the mortgage, included when the lender allows for potential assignment
3. Property Management: Additional requirements for property maintenance, typically included for commercial properties
4. Environmental Matters: Environmental warranties and indemnities, typically included for commercial properties or properties with potential environmental concerns
5. Construction Provisions: Included when the mortgage relates to property under construction or renovation
6. Guarantor Provisions: Included when there are third-party guarantors for the mortgage
7. Multiple Properties: Special provisions when the mortgage covers multiple properties
8. Condominium Provisions: Special terms applicable to condominium properties
1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, plan numbers, and easements
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Standard Charge Terms: Standard terms and conditions as required by provincial legislation
4. Schedule D - Insurance Requirements: Detailed insurance requirements including types of coverage and minimum amounts
5. Schedule E - Permitted Encumbrances: List of permitted liens, charges, or encumbrances on the property
6. Appendix 1 - Property Plans: Survey plans or architectural drawings of the property
7. Appendix 2 - Environmental Reports: Environmental assessment reports or certificates, if applicable
8. Appendix 3 - Special Conditions: Any special conditions or requirements specific to this mortgage
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Real Estate
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Insurance
Construction & Development
Property Management
Mortgage Lending
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Mortgage Services
Credit Risk
Compliance
Property Management
Loan Operations
Document Management
Client Services
Financial Services
Relevant Roles
Mortgage Specialist
Real Estate Lawyer
Property Manager
Financial Advisor
Loan Officer
Credit Risk Manager
Real Estate Agent
Mortgage Broker
Legal Counsel
Compliance Officer
Banking Manager
Real Estate Developer
Title Examiner
Property Appraiser
Underwriter
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