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Mortgage Assignment Agreement Template for Canada

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Key Requirements PROMPT example:

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."

Document background
The Mortgage Assignment Agreement is a crucial legal instrument used in Canadian financial and real estate transactions when a mortgage holder wishes to transfer their rights and interests to another party. This document is commonly used in portfolio sales, securitization transactions, or when financial institutions restructure their mortgage holdings. The agreement must comply with both federal legislation (such as the Bank Act and Interest Act) and provincial property laws. It includes essential details about the original mortgage, the property, outstanding balances, and the terms of transfer. The document ensures proper recording of the assignment in the relevant land registry system and includes necessary notifications to the mortgagor. Given Canada's dual legal system, specific provisions may vary between common law provinces and Quebec's civil law system.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

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

Relevant legal definitions


























Clauses


























Relevant Industries

Banking & Financial Services

Real Estate

Mortgage Lending

Legal Services

Property Management

Financial Technology

Insurance

Relevant Teams

Legal

Mortgage Administration

Real Estate Operations

Compliance

Risk Management

Document Management

Portfolio Management

Property Services

Financial Operations

Registration

Relevant Roles

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

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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