Mortgage Sales Contract

Mortgage Sales Contract Template for Canada

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Key Requirements PROMPT example:

"I need a Mortgage Sales Contract for a commercial property purchase in Ontario, Canada, where the buyer is assuming an existing mortgage from the seller and the property includes multiple retail units with existing tenants, with closing scheduled for March 15, 2025."

Document background

The Mortgage Sales Contract is a crucial legal document used in Canadian real estate transactions where property purchase and mortgage financing are combined into a single agreement. This document is essential when a buyer requires mortgage financing to complete a property purchase, whether for residential, commercial, or industrial purposes. The contract must adhere to specific federal regulations including the Bank Act and Interest Act, as well as provincial real estate and consumer protection laws. It typically includes detailed information about the property, purchase price, mortgage terms, interest rates, amortization period, payment schedules, and conditions of sale. The agreement serves to protect all parties' interests by clearly defining their rights and obligations throughout the transaction and subsequent mortgage period. This type of contract is particularly important in the Canadian context due to the country's structured mortgage lending system and varying provincial property laws.

Suggested Sections

1. Parties: Identification of all parties involved in the transaction, including seller, buyer, and any mortgage lenders

2. Background: Context of the transaction and brief description of the property being sold

3. Definitions: Key terms used throughout the agreement defined for clarity

4. Property Description: Detailed legal description of the property and any included fixtures or chattels

5. Purchase Price and Payment Terms: Total purchase price, deposit requirements, and payment structure

6. Mortgage Details: Specific terms of the mortgage including principal amount, interest rate, amortization period, and payment schedule

7. Representations and Warranties: Statements of fact by both parties regarding the property and their capacity to enter into the agreement

8. Conditions Precedent: Conditions that must be satisfied before closing, including financing and property inspection requirements

9. Closing Procedures: Details of the closing process, including documentation requirements and timing

10. Default and Remedies: Consequences of default and available remedies for both parties

11. Insurance and Property Maintenance: Requirements for property insurance and maintenance obligations

12. Assignment and Transfer: Terms governing the ability to assign or transfer rights under the contract

13. Notices: How and where formal notices between parties must be delivered

14. Governing Law: Specification of applicable Canadian law and jurisdiction

15. General Provisions: Standard contract clauses including severability, entire agreement, and amendments

Optional Sections

1. Assumption of Existing Mortgage: Include when buyer is assuming seller's existing mortgage

2. Property Management: Include for income-producing properties with existing management arrangements

3. Environmental Matters: Include when property has known environmental issues or requires assessment

4. Tenant Rights: Include when property is sold with existing tenants

5. Property Development Conditions: Include when property is subject to development restrictions or requirements

6. Condominium Provisions: Include when property is a condominium unit

7. First-Time Home Buyer Provisions: Include when buyer qualifies for first-time home buyer programs

8. Multiple Unit Properties: Include when property contains multiple residential or commercial units

Suggested Schedules

1. Schedule A - Legal Property Description: Detailed legal description of the property including lot numbers, plan numbers, and boundaries

2. Schedule B - Permitted Encumbrances: List of accepted liens, easements, or other encumbrances on the property

3. Schedule C - Included Fixtures and Chattels: Itemized list of all fixtures and personal property included in the sale

4. Schedule D - Financial Terms: Detailed breakdown of purchase price, payment schedule, and mortgage calculations

5. Schedule E - Property Condition Report: Current condition of the property and any known defects

6. Schedule F - Environmental Reports: Any environmental assessments or reports on the property

7. Schedule G - Title Search Results: Results of property title search and any relevant documents

8. Appendix 1 - Property Survey: Current survey of the property showing boundaries and structures

9. Appendix 2 - Property Photos: Recent photographs documenting the property's condition

10. Appendix 3 - Insurance Certificates: Copies of relevant insurance policies and certificates

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Insurance

Property Development

Construction

Property Management

Mortgage Lending

Real Estate Investment

Agricultural (for farm properties)

Commercial Real Estate

Residential Real Estate

Relevant Teams

Legal

Real Estate Operations

Mortgage Lending

Risk Management

Compliance

Property Management

Investment Analysis

Document Processing

Title Services

Client Relations

Transaction Processing

Credit Assessment

Relevant Roles

Real Estate Lawyer

Mortgage Broker

Real Estate Agent

Property Developer

Bank Manager

Mortgage Underwriter

Legal Counsel

Property Manager

Real Estate Investment Manager

Compliance Officer

Real Estate Portfolio Manager

Title Officer

Real Estate Paralegal

Mortgage Loan Officer

Risk Assessment Manager

Real Estate Transaction Coordinator

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Let's create your Mortgage Sales Contract

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