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Mortgage Assignment Agreement
"I need a Mortgage Assignment Agreement for transferring a single residential mortgage from ABC Bank to XYZ Financial, with the assignment to take effect on March 1, 2025, including standard warranties and electronic registration provisions."
1. Parties: Identifies and defines the Assignor (current mortgage holder), Assignee (new mortgage holder), and original Mortgagor
2. Background: Recitals explaining the existing mortgage, reason for assignment, and confirmation of outstanding amounts
3. Definitions: Defines key terms used throughout the agreement including Mortgage, Property, Assignment Date, and Closing Date
4. Assignment: Core provision detailing the transfer of all rights, title, and interest in the mortgage from Assignor to Assignee
5. Purchase Price: States the consideration paid for the assignment and payment terms
6. Representations and Warranties: Assignor's warranties regarding ownership, authority, enforceability, and status of the mortgage
7. Covenants: Ongoing obligations of the parties, including cooperation in registration and notification requirements
8. Closing Conditions: Conditions that must be satisfied before the assignment becomes effective
9. Notice to Mortgagor: Requirements and process for notifying the original mortgagor of the assignment
10. Further Assurances: Parties' agreement to execute additional documents and take necessary steps to effect the assignment
11. Governing Law: Specifies that Canadian law governs the agreement and identifies applicable provincial jurisdiction
12. Execution: Signature blocks and execution requirements for all parties
1. Third Party Consents: Required when the original mortgage agreement requires consent for assignment from other parties
2. Security Registration: Included when specific provincial registration requirements need to be addressed
3. Tax Implications: Added when there are specific tax considerations or allocations to be addressed
4. Mortgage Insurance: Required when the mortgage is insured and insurance needs to be transferred or addressed
5. Electronic Registration: Included when assignment will be registered electronically in the land registry system
6. Mortgagor's Acknowledgment: Optional section for mortgagor to acknowledge and consent to the assignment
7. Servicing Provisions: Required when mortgage servicing responsibilities are being transferred or retained
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Original Mortgage: Copy or details of the original mortgage agreement being assigned
3. Schedule C - Outstanding Balance Statement: Current mortgage balance and payment status as of the assignment date
4. Schedule D - Payment Instructions: Details of new payment arrangements and account information
5. Appendix 1 - Registration Requirements: Specific forms and requirements for registering the assignment in the applicable land registry
6. Appendix 2 - Notice to Mortgagor: Form of notice to be sent to the mortgagor regarding the assignment
Authors
Banking & Financial Services
Real Estate
Mortgage Lending
Legal Services
Property Management
Financial Technology
Insurance
Legal
Mortgage Administration
Real Estate Operations
Compliance
Risk Management
Document Management
Portfolio Management
Property Services
Financial Operations
Registration
Mortgage Officer
Real Estate Lawyer
Banking Operations Manager
Mortgage Administrator
Financial Services Director
Compliance Officer
Real Estate Portfolio Manager
Title Insurance Officer
Property Law Clerk
Mortgage Underwriter
Legal Counsel
Registration Specialist
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