The Family Mortgage Agreement is essential when family members wish to establish a formal, legally-binding mortgage arrangement in Canada. This document is particularly relevant when parents, siblings, or other family members provide mortgage financing instead of traditional lending institutions. The agreement ensures compliance with Canadian federal and provincial regulations while addressing the unique aspects of family lending. It includes crucial elements such as loan terms, interest rates, payment schedules, and security provisions, while also incorporating specific clauses related to family dynamics, potential gift considerations, and estate planning implications. The Family Mortgage Agreement helps prevent future disputes by clearly documenting the terms of the arrangement and protecting all parties' interests through proper legal structure and documentation.
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1. Parties: Identifies all parties to the agreement, including the family member lender(s), borrower(s), and any guarantors
2. Background: Explains the family relationship context and the purpose of the mortgage loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Interest: Specifies the principal amount, interest rate, and calculation method
5. Property Details: Legal description of the mortgaged property and ownership details
6. Payment Terms: Details of payment schedule, amounts, and methods
7. Security: Description of the mortgage security and registration details
8. Borrower's Covenants: Obligations of the borrower including property maintenance, insurance, and taxes
9. Default and Remedies: Defines events of default and lender's rights and remedies
10. Family Relationship Provisions: Special considerations and terms related to the family nature of the agreement
11. General Terms: Standard contract provisions including notices, amendments, and governing law
12. Execution: Signature blocks and witnessing requirements
1. Forgiveness Provisions: Terms for potential loan forgiveness in specific family circumstances
2. Estate Planning Provisions: Terms addressing what happens to the mortgage upon death of either party
3. Gift Provisions: Terms classifying any portion of the loan as a gift for tax or estate purposes
4. Subordination Terms: Required if there are other mortgages on the property
5. Family Council Provisions: Procedures for family decision-making regarding the mortgage
6. Marital Status Provisions: Special terms related to marriage, divorce, or separation of borrowers
7. Early Repayment Terms: Special conditions for early repayment without penalties
8. Interest Rate Adjustment: Terms for changing interest rates based on family circumstances
1. Schedule A - Property Description: Detailed legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule and payment terms
3. Schedule C - Insurance Requirements: Specific insurance requirements for the property
4. Schedule D - Family Relationship Declaration: Details of family relationships and any special circumstances
5. Appendix 1 - Independent Legal Advice Certificates: Certificates confirming each party received independent legal advice
6. Appendix 2 - Property Valuation: Current market valuation of the property
7. Appendix 3 - Tax Implications Statement: Statement outlining tax considerations of the family mortgage
8. Appendix 4 - Family Meeting Minutes: If applicable, minutes from family meetings discussing the mortgage terms
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