The Mortgage Loan Assumption Agreement is a crucial document in Canadian real estate transactions where an existing mortgage is transferred to a new borrower. This agreement is commonly used in property sales where the buyer wishes to assume the seller's existing mortgage terms, in family transfers, or in corporate restructuring situations. The document must comply with both federal banking regulations and provincial property laws, making it essential to consider jurisdiction-specific requirements. The agreement includes detailed information about the original mortgage, the property, the assuming party's qualifications, and the lender's conditions for approval. It serves to protect all parties' interests by clearly defining the terms of assumption, including any modifications to the original mortgage terms, release of the original borrower's obligations, and the assuming party's acknowledgment of responsibilities.
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1. Parties: Identifies all parties to the agreement: Original Borrower, Assuming Party, and Lender
2. Background: Recitals describing the original mortgage, property details, and reason for assumption
3. Definitions: Defines key terms used throughout the agreement
4. Original Mortgage Details: Summary of the original mortgage including date, principal amount, interest rate, and payment terms
5. Assumption Terms: Details of the assumption including effective date and remaining balance being assumed
6. Acknowledgment of Obligations: Assuming party's acknowledgment of mortgage terms and obligations
7. Lender's Consent: Lender's formal consent to the assumption and any conditions attached
8. Representations and Warranties: Statements of fact and guarantees by the assuming party regarding their ability to take on the mortgage
9. Release of Original Borrower: Terms of release for the original borrower from mortgage obligations
10. Costs and Expenses: Allocation of costs related to the assumption process
11. Governing Law: Specification of applicable law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Property Condition Acknowledgment: Used when the assuming party needs to explicitly acknowledge the current condition of the property
2. Insurance Requirements: Include when specific insurance requirements need to be transferred or updated
3. Additional Security: Used when the lender requires additional security from the assuming party
4. Co-Signer Provisions: Include when there are co-signers for the assuming party
5. Assumption Fee: Include when there are specific fees associated with the assumption
6. Property Tax Arrangements: Used when special arrangements exist for property tax payments
7. Mortgage Insurance Transfer: Include when mortgage insurance needs to be transferred or updated
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Original Mortgage: Copy or summary of the original mortgage agreement
3. Schedule C - Payment Schedule: Updated amortization schedule showing remaining payments
4. Schedule D - Financial Statements: Financial information of the assuming party (if required)
5. Schedule E - Insurance Certificates: Copies of required insurance certificates
6. Appendix 1 - Consent Forms: Additional consent forms required by the lender or jurisdiction
7. Appendix 2 - Property Assessment: Current property assessment and value verification
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Mortgage Specialist
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Branch Manager
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