The Mortgage Buyout Agreement is a crucial document in Canadian real estate and family law, primarily used when one party wishes to assume full responsibility for a jointly-held mortgage. This situation commonly arises during divorce proceedings, family property transfers, or when co-owners decide to separate their interests in a property. The agreement details the terms under which one party will "buy out" the other's interest in the mortgaged property, including the buyout amount, payment terms, and conditions for releasing the departing party from mortgage obligations. It must comply with federal legislation such as the Bank Act and provincial property laws, and often requires approval from the existing mortgage lender. The document typically includes property valuation details, current mortgage information, and specific terms for assumption of responsibilities.
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1. Parties: Identification of all parties involved, including the current mortgage holder(s) and the party buying out the mortgage
2. Background: Context of the mortgage buyout, including original mortgage details and reason for buyout
3. Definitions: Key terms used throughout the agreement including Property, Mortgage, Buyout Amount, Closing Date
4. Property Details: Legal description and address of the mortgaged property
5. Current Mortgage Information: Details of the existing mortgage including lender, account number, current balance
6. Buyout Terms: Specific terms of the buyout including price, payment method, and timing
7. Release of Liability: Terms releasing the departing party from mortgage obligations
8. Closing Conditions: Conditions that must be met before the buyout can be completed
9. Representations and Warranties: Statements of fact and guarantees by both parties
10. Costs and Expenses: Allocation of costs related to the buyout process
11. Governing Law: Specification of applicable Canadian provincial law
12. Execution: Signature blocks and execution requirements
1. Divorce/Separation Provisions: Additional terms specific to buyouts resulting from divorce or separation
2. Family Law Compliance: Specific provisions ensuring compliance with Family Law Act requirements
3. Mortgage Assumption Terms: Terms for assuming the existing mortgage if applicable
4. Property Valuation Process: Process for determining property value if not pre-agreed
5. Spousal Consent: Required when property is matrimonial home or in divorce situations
6. Third-Party Lender Requirements: Special conditions required by a new or existing lender
7. Tax Considerations: Special tax-related provisions or considerations
8. Insurance Requirements: Special insurance provisions during transition period
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Current Mortgage Details: Complete details of the existing mortgage including payment history
3. Schedule C - Financial Statement: Detailed breakdown of the buyout amount calculation
4. Schedule D - Payment Schedule: If applicable, schedule of payments for the buyout
5. Schedule E - Property Valuation: Professional property valuation or agreed value determination
6. Appendix 1 - Required Notices: Copies of required notices to lenders or other parties
7. Appendix 2 - Consent Forms: Required consent forms from lenders or other parties
8. Appendix 3 - Title Search Results: Current title search showing existing mortgages and liens
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