The Property Loan Agreement serves as a fundamental legal instrument in Canadian real estate financing, used when a lender provides funding secured against real property. This document is essential for both residential and commercial property transactions where financing is required. The agreement must comply with federal regulations such as the Interest Act and Bank Act, as well as provincial property and mortgage laws in the relevant jurisdiction. It typically includes comprehensive details about the loan amount, interest calculations, repayment terms, security arrangements, borrower covenants, and default provisions. The Property Loan Agreement also addresses risk mitigation through insurance requirements, property maintenance obligations, and specific conditions precedent to funding. It's designed to protect both the lender's security interest and the borrower's property rights while ensuring transparent and legally compliant lending practices.
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1. Parties: Identifies and provides full legal details of the Lender and Borrower
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest Rate and Calculations: Details the interest rate, calculation method, and frequency of compounding
6. Repayment Terms: Outlines payment schedule, amounts, and methods of payment
7. Security: Describes the property and any other assets being used as security for the loan
8. Representations and Warranties: Statements of fact by the borrower about their legal capacity and the property
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Lists circumstances that constitute default and the lender's remedies
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law: Confirms the agreement is governed by Canadian law and specifies the applicable province
13. Execution: Signature blocks and execution requirements
1. Guarantee: Required when there is a third-party guarantor for the loan
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
3. Property Management: Include when there are specific requirements for maintaining or managing the property
4. Assignment and Transfer: Include when the loan may be assignable to other parties
5. Additional Security: Required when additional collateral beyond the primary property is involved
6. Prepayment Provisions: Include when early repayment is allowed with specific terms or penalties
7. Construction or Renovation Provisions: Required when the loan is for property development or improvements
8. Environmental Matters: Include when environmental assessments or warranties are required
1. Schedule A - Property Description: Legal description of the property serving as security
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Permitted Encumbrances: List of approved existing liens or encumbrances on the property
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Schedule E - Form of Security Documentation: Templates or forms for registering security interests
6. Appendix 1 - Property Valuation: Professional appraisal or valuation report
7. Appendix 2 - Property Condition Report: Inspection report or condition assessment
8. Appendix 3 - Title Search Results: Results of property title search and registration details
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction and Development
Commercial Property
Residential Property
Legal Services
Insurance
Property Management
Mortgage Broking
Investment and Asset Management
Relevant Teams
Legal
Credit Risk
Commercial Banking
Real Estate Finance
Compliance
Operations
Property Services
Document Management
Loan Administration
Risk Management
Client Relations
Mortgage Services
Relevant Roles
Loan Officer
Mortgage Specialist
Real Estate Lawyer
Property Manager
Credit Risk Manager
Commercial Banking Manager
Legal Counsel
Compliance Officer
Real Estate Developer
Financial Advisor
Mortgage Broker
Property Appraiser
Banking Operations Manager
Risk Assessment Officer
Portfolio Manager
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