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Real Estate Law > Mortgage Law > Flashcards

Mortgage Law Flashcards

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1
Q

Mortgage

A

-Interest in law created by a contract
-it’s an evidence and security of a loan

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2
Q

Personal Covenant

A

Promise made by the mortgagor (borrower) to pay the mortgage money and interest

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3
Q

Guarantor Cluase

A

Separate personal covenant of a 3rd part in addition to the borrowers personal covenant

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4
Q

Blended Rate

A

Take old rate and add it to new rates

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5
Q

1st Mortgage

A

Legal mortgage

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6
Q

2nd and 3rd mortgage

A

Equitable mortgage

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7
Q

Equity of redemption

A

Remaining interest

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8
Q

Duplicate certificate

A

No documents can be registered while the duplicate certificate is out of the land title office

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9
Q

Present equitable mortgage

A

Agreement to grant a mortgage in the future

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10
Q

Accelerated Clause

A

Lend demands full payment immediately

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11
Q

Omnibus clause

A

In default of payment the lender will make the payment and the amount of the payment will be added to the loan

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12
Q

Lenders Remedies

A

This gives lenders complete discretion to choose most suitable remedy

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13
Q

Steps for foreclosure?

A

1 demand letter to the borrower
2 petition
3 petition hearing
4 Order Nii’s
5 Order of conduct of sale or Order absolute

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14
Q

Redemption period?

A

6 months

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15
Q

Order Nisi

A

-1st court appearance claim for foreclosure. A judge will grant an order nisi
-it sets the final redemption period. Respondent can redeem the mortgage by paying amount due

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16
Q

Order of conduct of sale (judicial sale)

A
  • not enough equity
  • owner can still be liable - personal covenant
  • most common in BC
17
Q

Order absolute

A
  • enough equity
  • owner not liable
  • lender becomes owner
  • no further action can be taken against the owner
18
Q

Order absolute

A
  • enough equity
  • owner not liable
  • lender becomes owner
  • no further action can be taken against the owner
19
Q

The purpose of a foreclosure

A
  • to extinguish the borrowers equity right to redeem
  • to allow the lender to realize on its security
20
Q

Receiver Appointment?

A

Appointed by court
- collect rent
- pay the bills
- generally keeping business going

21
Q

Receiver Appointment?

A

Appointed by court
- collect rent
- pay the bills
- generally keeping business going

Real Estate Law (2 decks)

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