Property Transfer Tax Return issued by
The Form C Release (Discharge of Mortgage) is executed by the:
Mortgagee
Mortgagor
Vendor
Purchaser
Form A -Transfer is executed by the:
The PTT Return is executed 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
Only a purchaser's SOA is prepared
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 must be signed by lawyer
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