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Deed Of Sale Assumption Of Mortgage

Deed Of Sale Assumption Of Mortgage Template for Canada

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Key Requirements PROMPT example:

Deed Of Sale Assumption Of Mortgage

"I need a Deed of Sale Assumption of Mortgage for a residential property in Ontario, Canada, where the buyer will assume my existing fixed-rate mortgage from RBC with a remaining balance of $450,000, with the property transfer scheduled for March 15, 2025."

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Document background
The Deed of Sale Assumption of Mortgage is a specialized legal document used in Canadian real estate transactions where the buyer takes over the seller's existing mortgage instead of obtaining new financing. This document is particularly useful in situations where the existing mortgage has favorable terms or when the buyer wants to avoid the costs associated with new mortgage registration. It must comply with both federal banking regulations and provincial property laws, requiring careful attention to mortgage assumption requirements and property transfer procedures. The document includes detailed information about the property, current mortgage terms, assumption conditions, and necessary approvals from the existing mortgagee. It's commonly used in residential and commercial property transactions where mortgage portability is desired and the buyer meets the lender's qualification requirements.
Suggested Sections

1. Parties: Identification of the Seller, Buyer, and Current Mortgagee

2. Background: Context of the sale and existing mortgage, including property ownership history and current mortgage status

3. Definitions: Key terms used throughout the document, including Property, Mortgage, Closing Date, and Purchase Price

4. Property Description: Legal description of the property being sold, including lot number, plan, and municipal address

5. Purchase Price and Payment Terms: Total purchase price, deposit amount, and payment structure, including the assumed mortgage amount

6. Mortgage Assumption Details: Specific terms of the mortgage being assumed, including principal amount, interest rate, payment schedule, and maturity date

7. Seller's Representations and Warranties: Seller's declarations regarding property title, mortgage status, and absence of defaults

8. Buyer's Covenants: Buyer's commitments regarding mortgage assumption, including compliance with mortgage terms and release of seller

9. Mortgagee's Consent: Formal consent of the mortgagee to the assumption and any conditions attached

10. Closing Procedures: Steps to be taken to complete the transaction, including documentation and registration requirements

11. Adjustments and Costs: Allocation of property taxes, utilities, mortgage payments, and transaction costs

12. Default and Remedies: Consequences of default by either party and available remedies

13. Notices: How and where formal notices under the agreement must be delivered

14. Governing Law: Specification of applicable Canadian provincial law

Optional Sections

1. Property Management Transition: Include when the property is currently rented or leased to tenants

2. Environmental Matters: Include when there are known environmental issues or concerns with the property

3. Mortgage Insurance: Include when CMHC or private mortgage insurance is involved

4. Co-signor Provisions: Include when there are co-signors on the existing mortgage

5. Condominium Provisions: Include when the property is a condominium unit

6. Assignment Rights: Include when either party wishes to retain the right to assign the agreement

7. Property Inspection Conditions: Include when the sale is conditional on property inspection

8. Mortgage Qualification Conditions: Include when the assumption is subject to buyer qualification by the mortgagee

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property and any included fixtures or chattels

2. Schedule B - Existing Mortgage Terms: Complete copy or summary of the existing mortgage agreement being assumed

3. Schedule C - Current Mortgage Statement: Recent mortgage statement showing current balance and payment status

4. Schedule D - Property Tax Assessment: Current property tax assessment and payment status

5. Schedule E - Permitted Encumbrances: List of permitted liens, easements, or encumbrances that will continue

6. Appendix 1 - Property Inspection Report: If applicable, results of property inspection

7. Appendix 2 - Financial Statements: If applicable, buyer's financial statements for mortgage qualification

8. Appendix 3 - Insurance Certificates: Property insurance and mortgage insurance certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Banking and Financial Services

Legal Services

Insurance

Mortgage Lending

Property Management

Financial Advisory

Title Insurance

Relevant Teams

Legal

Real Estate

Mortgage Services

Property Management

Finance

Compliance

Risk Management

Title Insurance

Document Processing

Customer Service

Relevant Roles

Real Estate Lawyer

Mortgage Specialist

Real Estate Agent

Property Manager

Title Insurance Officer

Mortgage Underwriter

Banking Officer

Real Estate Broker

Legal Compliance Officer

Property Administrator

Financial Advisor

Mortgage Broker

Conveyancing Clerk

Real Estate Paralegal

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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