The Real Estate Loan Agreement is a crucial document in Canadian real estate financing transactions, used when a lender provides funding secured against real property. It serves as the primary contract governing the lending relationship, incorporating requirements from federal legislation such as the Bank Act and Interest Act, as well as provincial property and consumer protection laws. The agreement typically includes detailed provisions about loan terms, security arrangements, borrower obligations, default scenarios, and remedies. This document is essential for both commercial and residential property transactions, requiring careful consideration of jurisdiction-specific requirements and market practices. The Real Estate Loan Agreement must be drafted to ensure enforceability while complying with Canadian mortgage lending regulations and consumer protection requirements.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement, including purpose of the loan and property details
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of funds
5. Interest Rate and Calculation: Details of interest rate, calculation method, and adjustment provisions
6. Term and Repayment: Loan duration, payment schedule, and repayment terms
7. Security: Description of the mortgage and other security interests being granted
8. Representations and Warranties: Borrower's confirmations regarding their legal capacity, property title, and financial condition
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Conditions Precedent: Requirements to be met before loan advancement
11. Events of Default: Circumstances constituting default and consequences
12. Remedies: Lender's rights and remedies upon default
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Insurance Requirements: Detailed insurance obligations when the lender requires specific coverage
2. Property Management: Requirements for property maintenance when the loan involves income-producing property
3. Environmental Matters: Environmental warranties and obligations for commercial properties
4. Guarantors: Terms applying to guarantors when third-party guarantees are required
5. Prepayment Provisions: Terms for early repayment when prepayment privileges are offered
6. Construction Provisions: Special terms for construction or renovation loans
7. Secondary Financing: Provisions regarding additional financing when permitted
8. Assignment and Syndication: Terms for loan assignment when the lender may sell or syndicate the loan
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payments, interest, and principal
3. Schedule C - Permitted Encumbrances: List of approved existing liens or encumbrances on the property
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Schedule E - Costs and Fees: Breakdown of all fees, charges, and costs associated with the loan
6. Appendix 1 - Standard Charge Terms: Standard mortgage terms filed with land registry office
7. Appendix 2 - Property Condition Report: Current condition assessment of the property
8. Appendix 3 - Required Authorizations: List of required permits, licenses, and consents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Property
Residential Property
Construction
Property Development
Investment Management
Insurance
Legal Services
Mortgage Lending
Relevant Teams
Legal
Finance
Real Estate
Risk Management
Compliance
Credit Operations
Commercial Banking
Property Management
Investment
Document Management
Relevant Roles
Legal Counsel
Mortgage Officer
Real Estate Manager
Finance Director
Credit Risk Officer
Compliance Officer
Property Manager
Real Estate Developer
Investment Manager
Financial Analyst
Loan Officer
Real Estate Attorney
Commercial Banking Manager
Risk Assessment Manager
Real Estate Investment Officer
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