The Equity Release Agreement is a specialized financial contract used in Canadian financial services to facilitate the release of equity from residential property while allowing the owner to continue residing in the home. This document is particularly relevant for senior homeowners seeking to access their property's value without selling or moving. The agreement must comply with both federal legislation (such as the Bank Act and Financial Consumer Agency of Canada Act) and provincial laws governing real estate and consumer protection. It includes detailed terms about the financial arrangement, property obligations, risk disclosures, and consumer protection provisions. The document is designed to protect both the financial institution's security interest and the property owner's rights, with specific requirements varying by province. This type of agreement has become increasingly important in Canada's aging population context, requiring careful attention to regulatory compliance and consumer protection measures.
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1. Parties: Identification of the equity release provider and the property owner(s)
2. Background: Context of the agreement, including property ownership status and purpose of the equity release
3. Definitions: Definitions of key terms used throughout the agreement
4. Amount and Purpose: Details of the equity release amount and its intended use
5. Property Details: Description and details of the property subject to the equity release
6. Financial Terms: Interest rates, fees, charges, and payment terms
7. Security Arrangements: Details of the charge/mortgage over the property
8. Borrower Covenants: Obligations of the property owner including property maintenance and insurance
9. Lender Covenants: Obligations of the equity release provider
10. Risk Disclosures: Mandatory risk warnings and financial implications
11. Term and Termination: Duration of the agreement and circumstances for early termination
12. Events of Default: Circumstances constituting default and consequences
13. Representations and Warranties: Statements of fact and promises by both parties
14. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantor Provisions: Required when there is a guarantor for the equity release
2. Power of Attorney: Optional clause granting power of attorney in specific circumstances
3. Insurance Requirements: Detailed insurance requirements for high-value or unique properties
4. Property Lease Provisions: Required if the property has existing tenants or future rental possibilities
5. Life Insurance Requirements: Optional requirement for life insurance to cover the equity release
6. Spousal Consent: Required when the property owner is married and the property is a matrimonial home
7. Independent Legal Advice: Confirmation of independent legal advice, mandatory in some jurisdictions
1. Schedule A - Property Description: Legal description and details of the property
2. Schedule B - Financial Terms: Detailed breakdown of financial calculations, interest rates, and fees
3. Schedule C - Payment Schedule: Schedule of any payments or distributions
4. Schedule D - Risk Disclosure Statement: Detailed risk warnings and financial implications as required by regulations
5. Schedule E - Property Valuation: Professional valuation report or summary
6. Schedule F - Required Insurance: Detailed insurance requirements and specifications
7. Appendix 1 - Independent Legal Advice Certificate: Signed certificate from legal advisor
8. Appendix 2 - Borrower's Statement of Assets and Liabilities: Financial disclosure from the property owner
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