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    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.
    Download Type: Microsoft Word
    Last Updated: 29-January-2021
    SKU: 81
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    Alberta Standard Charge Fixed Rate Mortgage


    Secure a loan with real estate under the terms of this Standard Charge Fixed Rate Closed Term Mortgage for Alberta.

    • Renewal. Early renewal privileges, i.e. the mortgage may be renewed on any installment payment date.
    • Interest. Interest will be calculated half-yearly, not in advance.
    • Property Taxes. The mortgage lender may elect to pay the property taxes when they come due, or elect to have the borrower (mortgagor) pay the taxes.
    • Application of Payments. All payments will be applied first to taxes and life insurance (if applicable), then to interest, then to principal, and then to any other moneys owing.
    • Leasehold. Optional provisions for a leasehold mortgage.

    Never lend large sums of money without adequate security. Download this Alberta fixed rate mortgage form immediately after you purchase it.