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1. Parties: Identifies and defines the Seller, Buyer, and Current Mortgagee with their full legal names and addresses
2. Background: Explains the current ownership and mortgage situation of the vehicle, and the intention to transfer both
3. Definitions: Defines key terms used throughout the deed including Vehicle, Mortgage, Closing Date, and Purchase Price
4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, and current condition
5. Purchase Price and Payment: Specifies the total purchase price, payment terms, and breakdown of equity vs. mortgage amount
6. Mortgage Details: Details of the existing mortgage being assumed including principal amount, interest rate, payment terms, and remaining balance
7. Transfer of Title: Process and requirements for transferring vehicle ownership and mortgage obligations
8. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and existing liens
9. Buyer's Covenants: Buyer's commitments regarding mortgage assumption and future payments
10. Closing Requirements: Documentation and actions required to complete the transaction
11. Execution: Signature blocks and witnessing requirements
1. Insurance Requirements: Include when specific insurance requirements need to be maintained under the mortgage terms
2. Co-Signer Provisions: Include when a co-signer is required for the mortgage assumption
3. Trade-In Details: Include when the buyer is trading in another vehicle as part of the purchase
4. Condition Precedents: Include when there are specific conditions that must be met before the sale can complete
5. Default Provisions: Include when specific consequences of default need to be outlined beyond standard mortgage terms
6. Assignment Rights: Include when transfer or assignment rights need to be specifically addressed
1. Schedule A - Vehicle Condition Report: Detailed inspection report of the vehicle's current condition
2. Schedule B - Current Mortgage Statement: Recent mortgage statement showing current balance and payment status
3. Schedule C - Payment Schedule: Detailed breakdown of remaining mortgage payments
4. Schedule D - Vehicle Registration Documents: Copies of current registration and insurance documents
5. Schedule E - Service Records: Maintenance and repair history of the vehicle
6. Appendix 1 - Mortgagee Consent: Written consent from the mortgagee for the assumption of mortgage
7. Appendix 2 - Transfer Forms: Required provincial vehicle transfer forms
Assumption Date
Buyer
Closing
Closing Date
Current Mortgage
Effective Date
Encumbrance
Equipment
Existing Mortgage Balance
Financial Institution
Lender
Liens
Loan Agreement
Maintenance Records
Mortgage
Mortgage Assumption
Mortgage Payment
Mortgagee
Original Loan Agreement
Outstanding Balance
Parties
Payment Schedule
Purchase Price
Registration Documents
Remaining Term
Seller
Transfer Date
Vehicle
Vehicle Condition Report
Vehicle Documents
Vehicle Identification Number
Vehicle Registration
Warranties
Mortgage Assumption
Payment Terms
Transfer of Title
Vehicle Description
Representations and Warranties
Condition Precedent
Closing Conditions
Registration Requirements
Insurance
Indemnification
Default
Remedies
Assignment
Notices
Governing Law
Entire Agreement
Severability
Amendment
Force Majeure
Further Assurances
Execution
Acknowledgment
Automotive
Financial Services
Banking
Insurance
Legal Services
Consumer Finance
Transportation
Legal
Finance
Compliance
Credit
Risk Management
Documentation
Vehicle Registration
Sales Administration
Consumer Lending
Legal Counsel
Finance Manager
Automotive Sales Manager
Loan Officer
Compliance Officer
Credit Manager
Vehicle Registration Specialist
Legal Administrator
Financial Services Representative
Risk Manager
Documentation Specialist
Title Clerk
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