Ontario Standard Terms for Fixed and Variable Rate Residential Mortgage
These Standard Charge Terms are for a fixed and variable rate residential mortgage / charge pursuant to Section 9 of the Ontario Land Registration Reform Act.
- Complete and file the Set of Standard Charge Terms with the Land Titles Office, which issues 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.
The Standard Terms for Fixed and Variable Rate Residential Mortgage are essential for any mortgage lender in Ontario.