Conveyancing Theory Test 3

Property Transfer Tax Return issued by

An alternative means of financing (other than mortgage): -

In an Agreement for sale, the is the mortgagee and remains until is

Form B - Mortgage is executed by the

In a mortgage back to vendor, the vendor agrees to be the

Mortgage: principal amount exceed % of lesser appraised value
Mortgage: PA 75% of lesser of appraised value. Mandatory for borrowers with down payment less than %

Lender's considerations: Mortgage and Property Tax payments cannot % of purchaser's

List some of the Mortgage costs:
- Fee
- Fee
-
-
- and

Amortization: it takes to

Mortgage Term: during which is

Breakage Cost:

Blended payments: payments consisting of amount applied to and to . Paid during mortgage

Closed mortgage: cannot be , , prior to term expiration

mortgage: interest rate set for pre-determined term (6 months - 25 years) and cannot be renegotiated

mortgage: payments fixed for period of one to two years although rates may fluctuate from month to month

mortgage: can be prepaid at any time prior to maturity without costs

Mortage: fixed-rate which offers same security as closed mortgage but which can be convert to longer, closed mortgage at any time without penalty

Statement of Adjustments: all the of

Debits to the Vendor:
-
- taxes
- Mortgage
- payment
- and other
-legal account to
- given to vendor or solicitor
-

Holdback: of

Common holdbacks:
- holdback
- holdback
- holdback

Credits to vendor
-
- taxes/utilities
-

Debits to Purchaser
-
-
- of taxes
- taxes
-
- costs
-

Credits to purchaser
-
-/ taxes
- mortgage
-

Undertaking: solemn by the and sanctioned by to do a

undertakings should not be given by lawyer unless and certain of to

Authorizations: lawyer to from

Purchaser's execution:
- of
- to
- of
-
- documents

Vendor's Execution:
-Form -
- of

Mortgagee's execution: Form - of

Reporting Letter to purchaser with copies of:
of
Form
of Adjustments
to
Form

Letter to vendor attaching:
for
form
of

Letter to real estate company with cheque to pay

Procedures for pay-out, close-out and reporting
-letter to
-letter to
-letter to company
letter to
prepare for - then send letter to enclosing it
pay
write cheque from to pay