Fixed Rate Closed Term Mortgage | Canada

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Standard provisions of the mortgage include:
- Equal monthly payments of blended principal and interest (and taxes, if the lender requires).
- On default, the lender has the right to take possession of the property by distress warrant or by foreclosing on the property.
- The lender has the right to bring legal action to recover mortgage arrears and costs, plus interest and any other amounts owing.
Available in MS Word format.
This template can be used in most Canadian provinces except for Quebec.

Download Type:

Microsoft Word

Last Updated: 24-July-2023

SKU: 110

Canada

Mortgage

Loan form

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You first need to complete and file the Set of Standard Charge Terms with the Land Titles Office, which issues you a filing number.
Each time you enter into a loan transaction with a borrower which is secured by this type of mortgage, you simply file a Form 2 Charge â„ Mortgage of Land which refers to this set of standard terms by filing number.
This set of standard terms, and any addenda filed with the Form 2, will then govern the loan agreement between the parties.

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When you file your initial set of Standard Charge Terms with the Land Titles Office, they issue you a filing number.
Each time you submit a Form 2 Charge / Mortgage of Land to secure a loan, you refer to the filing number.
That will ensure that the loan agreement secured by the mortgage is governed by this set of standard terms.

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