Assumption of Mortgage - Practical Law Canada

Feb 13, 2019
Property

Understanding Assumption of Mortgage in Canada

Are you considering the assumption of a mortgage in Canada? Look no further! Denaro Anthony D Atty, a reliable legal firm specializing in real estate matters, is here to provide expert guidance and assistance throughout the process.

What is Assumption of Mortgage?

Assumption of mortgage refers to the transfer of an existing mortgage from the current borrower (the "vendor") to a new borrower (the "vendee"). This legal process allows the vendee to assume responsibility for the mortgage, including both the debt and the terms agreed upon in the original mortgage agreement.

The Benefits of Assumption of Mortgage

Choosing to assume a mortgage can offer numerous advantages for both the buyer and the seller:

  • Streamlined Financing: Assuming a mortgage eliminates the need for the buyer to go through the lengthy process of securing a new mortgage.
  • Lower Closing Costs: Assumption of mortgage often involves lower closing costs compared to obtaining a new mortgage.
  • Preserved Interest Rates: Assumptions allow the buyer to maintain the existing interest rate, which can be especially beneficial if the current market rates are higher.
  • Increased Marketability: For sellers, offering assumption of mortgage as an option can make their property more attractive to potential buyers, potentially leading to a faster sale.

Legal Considerations for Assumption of Mortgage

While assumption of mortgage can be advantageous, it is crucial to consider certain legal aspects before proceeding:

  1. Mortgage Eligibility: The new borrower must qualify for assumption, meeting the lender's criteria, including creditworthiness and financial stability.
  2. Financial Responsibility: The vendee assumes all obligations under the original mortgage, including timely payment of the principal and interest.
  3. Legal Documentation: Proper legal documentation, including an assumption agreement, must be prepared and signed by all parties involved.
  4. Lender Approval: The lender's consent is typically required for an assumption, and additional fees may apply.

Trust Denaro Anthony D Atty for Expert Assistance

At Denaro Anthony D Atty, we understand the complexities associated with the assumption of mortgage in Canada, and our experienced legal team is dedicated to providing comprehensive assistance to clients.

Our services include:

  • Thoroughly reviewing your mortgage agreement and assessing its eligibility for assumption.
  • Advising you on the legal implications and potential risks involved in assuming a mortgage.
  • Preparing the necessary legal documentation, including the assumption agreement, to ensure a smooth and legally sound process.
  • Negotiating with lenders on your behalf to obtain their consent for the assumption.

Don't navigate the process of assumption of mortgage alone - let Denaro Anthony D Atty guide you every step of the way.

Contact our reliable legal team today to schedule a consultation and discover how we can assist you with your mortgage assumption needs.

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