The Deed of Sale with Assumption Mortgage is a specialized legal instrument used in Canadian real estate transactions where the purchaser wishes to assume the vendor's existing mortgage instead of obtaining new financing. This document is particularly relevant in situations where the existing mortgage terms are favorable or when the purchaser wants to avoid new mortgage arrangement fees. The document must address both federal and provincial requirements, including those set out in the Land Titles Act, Bank Act, and provincial property laws. It contains comprehensive details about the property transfer, existing mortgage terms, and the rights and obligations of all parties involved. The assumption of mortgage component requires specific consent from the lending institution and may involve additional requirements such as credit approval of the purchaser. This document type is commonly used in both residential and commercial property transactions where mortgage assumption is permitted by the original mortgage terms.
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1. Parties: Identification of the Vendor (current owner), Purchaser (buyer), and Current Mortgagee (lending institution)
2. Background: Context of the sale and existing mortgage, including property ownership history and current mortgage status
3. Definitions: Definitions of key terms used throughout the deed, including Property, Mortgage, Closing Date, and Purchase Price
4. Property Description: Detailed legal description of the property being sold, including lot number, plan, and municipal address
5. Purchase Price and Payment Terms: Total purchase price, deposit amount, and payment structure including the assumed mortgage amount
6. Mortgage Assumption Details: Specific terms of the mortgage being assumed, including principal amount, interest rate, payment schedule, and maturity date
7. Transfer of Title: Legal provisions for transferring property ownership from Vendor to Purchaser
8. Vendor's Representations and Warranties: Vendor's declarations regarding property condition, title, and mortgage status
9. Purchaser's Covenants: Purchaser's commitments regarding mortgage assumption and future obligations
10. Mortgagee's Consent: Formal consent from the mortgage lender for the assumption of the mortgage
11. Closing Procedures: Details of the closing process, including documentation requirements and timing
12. Execution: Signature blocks and witnessing requirements for all parties
1. Property Management Transition: Required when the property includes rental units or requires specific management handover
2. Environmental Warranties: Included when the property has potential environmental concerns or is in an environmentally sensitive area
3. Spouse's Consent: Required when the property is or was a matrimonial home under provincial family law
4. Co-signer Provisions: Included when additional parties are required to guarantee the mortgage assumption
5. Tenant Rights and Obligations: Required when the property is sold with existing tenants
6. Property Management Agreements: Included when existing property management contracts are being transferred
7. Mortgage Insurance Provisions: Required when CMHC or private mortgage insurance is involved
1. Schedule A - Property Legal Description: Detailed legal description and survey information of the property
2. Schedule B - Existing Mortgage Terms: Complete terms and conditions of the mortgage being assumed
3. Schedule C - Property Condition Report: Detailed report on the current condition of the property
4. Schedule D - Outstanding Work Orders: List of any municipal work orders or deficiency notices
5. Schedule E - Permitted Encumbrances: List of allowed encumbrances that will continue after sale
6. Appendix 1 - Property Tax Assessment: Current property tax assessment and payment status
7. Appendix 2 - Mortgage Statement: Current mortgage statement showing balance and payment status
8. Appendix 3 - Title Search Results: Recent title search showing current ownership and encumbrances
Relevant legal definitions
Agreement
Assumed Mortgage
Closing
Closing Date
Completion
Current Mortgagee
Deposit
Effective Date
Encumbrances
Existing Mortgage
Fixtures
GST/HST
Improvements
Land
Land Registry Office
Land Titles Act
Legal Description
Lending Institution
Mortgage
Mortgage Assumption Date
Mortgage Balance
Mortgage Insurance
Mortgage Payment
Mortgage Rate
Mortgage Terms
Municipal Address
Outstanding Work Orders
Permitted Encumbrances
Property
Property Tax Assessment
Purchase Price
Purchaser
Real Property
Registration
Schedule
Statement of Adjustments
Title
Title Insurance
Transfer
Transfer Date
Vendor
Warranties
Assumed Mortgage
Closing
Closing Date
Completion
Current Mortgagee
Deposit
Effective Date
Encumbrances
Existing Mortgage
Fixtures
GST/HST
Improvements
Land
Land Registry Office
Land Titles Act
Legal Description
Lending Institution
Mortgage
Mortgage Assumption Date
Mortgage Balance
Mortgage Insurance
Mortgage Payment
Mortgage Rate
Mortgage Terms
Municipal Address
Outstanding Work Orders
Permitted Encumbrances
Property
Property Tax Assessment
Purchase Price
Purchaser
Real Property
Registration
Schedule
Statement of Adjustments
Title
Title Insurance
Transfer
Transfer Date
Vendor
Warranties
Clauses
Property Transfer
Mortgage Assumption
Purchase Price
Payment Terms
Title Warranties
Property Condition
Environmental Compliance
Representations and Warranties
Vendor Covenants
Purchaser Covenants
Mortgagee Consent
Insurance Requirements
Property Tax Adjustments
Default and Remedies
Risk Transfer
Closing Conditions
Registration Requirements
Survival
Assignment
Notice
Entire Agreement
Governing Law
Severability
Further Assurances
Time of Essence
Force Majeure
Matrimonial Rights
Property Inspection
Title Insurance
Discharge of Existing Charges
Municipal Compliance
Utilities and Services
Possession
Real Estate Commission
Tender
Legal Costs
Mortgage Assumption
Purchase Price
Payment Terms
Title Warranties
Property Condition
Environmental Compliance
Representations and Warranties
Vendor Covenants
Purchaser Covenants
Mortgagee Consent
Insurance Requirements
Property Tax Adjustments
Default and Remedies
Risk Transfer
Closing Conditions
Registration Requirements
Survival
Assignment
Notice
Entire Agreement
Governing Law
Severability
Further Assurances
Time of Essence
Force Majeure
Matrimonial Rights
Property Inspection
Title Insurance
Discharge of Existing Charges
Municipal Compliance
Utilities and Services
Possession
Real Estate Commission
Tender
Legal Costs
Relevant Industries
Real Estate
Banking and Financial Services
Legal Services
Insurance
Property Management
Construction and Development
Property Investment
Mortgage Lending
Real Estate Investment Trusts (REITs)
Property Insurance
Relevant Teams
Legal
Real Estate Operations
Property Management
Mortgage Administration
Compliance
Risk Management
Real Estate Investment
Title Insurance
Document Administration
Property Assessment
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Mortgage Broker
Bank Manager
Property Developer
Real Estate Investment Manager
Title Insurance Officer
Real Estate Administrator
Mortgage Administrator
Legal Counsel
Compliance Officer
Real Estate Investment Analyst
Property Assessment Officer
Real Estate Portfolio Manager
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