Document background
The Land Mortgage Agreement is a fundamental legal instrument in Canadian real estate financing, used when a borrower seeks to secure a loan using real property as collateral. This document is essential in both residential and commercial property transactions across all Canadian provinces, though specific requirements may vary by jurisdiction. The agreement must comply with both federal banking regulations and provincial property laws, including the relevant Property Act and Mortgages Act of the applicable province. A Land Mortgage Agreement typically includes detailed information about the property, loan terms, payment schedules, default provisions, and remedies, while also incorporating standard charge terms as required by provincial land registry offices. It serves as the primary security document protecting the lender's interests while clearly defining the borrower's obligations and rights regarding the mortgaged property.
