Alberta Vendor Take-Back Mortgage
Have you found a buyer for your property who can't qualify for a mortgage? Lend them the amount they need with this Vendor Take-Back Mortgage for Alberta real estate properties.
- A vendor take-back mortgage (also known as a 'purchase money mortgage') is often used for real estate transactions between family members.
- The seller (vendor) agrees to carry all or part of the purchase price for the real estate and the buyer will make regular payments to the seller, just as with a regular mortgage.
- The seller has the right to take back the property if the buyer fails to make the payments or meet its other obligations under the mortgage.
- A Vendor Take-back Mortgage is an alternative method of financing a real estate purchase that allows buyers who cannot get a conventional mortgage a chance to own a home.
- This legal document is intended solely for use in the Province of Alberta, Canada.
Last Updated: 29-January-2021