The Deed of Sale with Assume Balance is a specialized legal document used in Canadian real estate transactions where the buyer takes over the seller's existing mortgage obligations along with the property purchase. This document type is particularly useful in situations where the existing mortgage has favorable terms or when the buyer wants to avoid the costs and complications of securing new financing. The deed must comply with provincial property laws and federal banking regulations, making it more complex than a standard property sale agreement. It includes detailed provisions about the assumed balance, payment terms, and the process for transferring mortgage obligations. This document type is commonly used in both residential and commercial property transactions across Canada, particularly in situations where maintaining the existing financing structure is advantageous to both parties. The document requires careful consideration of current mortgage terms, property valuation, and often requires explicit lender approval.
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1. Parties: Identification of the Seller, Buyer, and current Mortgagee
2. Background: Context of the sale, existing mortgage, and intention to transfer with balance assumption
3. Definitions: Key terms used throughout the deed including Property, Assumed Balance, Closing Date, etc.
4. Property Description: Legal description and municipal address of the property being transferred
5. Purchase Price and Payment Terms: Total purchase price, assumed balance amount, and any additional payments
6. Balance Assumption Details: Specific terms of the mortgage/balance being assumed, including interest rate, payment schedule, and remaining term
7. Seller's Representations and Warranties: Declarations regarding property title, existing mortgage status, and absence of defaults
8. Buyer's Acknowledgments: Confirmation of understanding and acceptance of assumed obligations
9. Closing and Transfer Procedures: Process and requirements for completing the property transfer and balance assumption
10. Release of Seller: Terms regarding seller's release from assumed obligations
11. Property Condition: State of the property and any included/excluded items
12. Execution and Registration: Requirements for signing and registering the deed
1. Mortgage Lender Consent: Required when lender's explicit consent is needed for the assumption
2. Property Management Transition: Include when property involves rental units or ongoing management
3. Environmental Matters: Required for properties with potential environmental concerns
4. Insurance Requirements: Specific insurance terms when required by assumed mortgage
5. Co-owner Provisions: Include when multiple buyers are involved
6. Escrow Arrangements: When funds or documents need to be held in escrow
7. Special Conditions: Any unique terms specific to the transaction
1. Schedule A - Property Legal Description: Detailed legal description of the property
2. Schedule B - Assumed Balance Details: Complete breakdown of the assumed mortgage/balance including payment schedule
3. Schedule C - Current Mortgage Statement: Recent mortgage statement showing current balance and payment status
4. Schedule D - Property Inclusions/Exclusions: Detailed list of items included or excluded from the sale
5. Schedule E - Permitted Encumbrances: List of allowed liens, easements, or encumbrances
6. Schedule F - Lender Consent Documentation: Written consent from mortgage lender for the assumption
7. Schedule G - Property Inspection Report: Current condition report of the property if required
Relevant legal definitions
Agreement
Assumed Balance
Assumption Date
Business Day
Closing
Closing Date
Current Mortgagee
Deed
Effective Date
Encumbrances
Existing Mortgage
Lands
Lender
Mortgage
Mortgage Assignment
Mortgage Terms
Original Mortgage Date
Outstanding Balance
Parties
Payment Schedule
Permitted Encumbrances
Property
Purchase Price
Purchaser
Registry Office
Remaining Term
Security Interest
Seller
Title
Transfer Date
Vendor
Assumed Balance
Assumption Date
Business Day
Closing
Closing Date
Current Mortgagee
Deed
Effective Date
Encumbrances
Existing Mortgage
Lands
Lender
Mortgage
Mortgage Assignment
Mortgage Terms
Original Mortgage Date
Outstanding Balance
Parties
Payment Schedule
Permitted Encumbrances
Property
Purchase Price
Purchaser
Registry Office
Remaining Term
Security Interest
Seller
Title
Transfer Date
Vendor
Clauses
Property Transfer
Balance Assumption
Purchase Price
Payment Terms
Mortgage Assignment
Title Warranties
Property Condition
Representations and Warranties
Due Diligence
Closing Conditions
Registration Requirements
Release and Discharge
Default Provisions
Insurance Requirements
Property Inspection
Environmental Compliance
Lender Consent
Assignment Rights
Notice Requirements
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Further Assurances
Time of Essence
Survival
Indemnification
Costs and Expenses
Balance Assumption
Purchase Price
Payment Terms
Mortgage Assignment
Title Warranties
Property Condition
Representations and Warranties
Due Diligence
Closing Conditions
Registration Requirements
Release and Discharge
Default Provisions
Insurance Requirements
Property Inspection
Environmental Compliance
Lender Consent
Assignment Rights
Notice Requirements
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Amendment
Further Assurances
Time of Essence
Survival
Indemnification
Costs and Expenses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Insurance
Property Development
Mortgage Lending
Property Management
Construction
Housing
Relevant Teams
Legal
Real Estate
Mortgage Services
Property Management
Compliance
Risk Management
Document Processing
Title Services
Financial Services
Customer Relations
Relevant Roles
Real Estate Lawyer
Property Manager
Mortgage Broker
Real Estate Agent
Bank Manager
Legal Counsel
Title Officer
Closing Coordinator
Property Developer
Real Estate Investment Manager
Mortgage Administrator
Compliance Officer
Real Estate Paralegal
Financial Advisor
Property Acquisition Specialist
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