Learning Objectives
– Explain the concept of a “mortgage” and the differences between a “mortgagee” and “mortgagor”
– Explain the difference between a legal mortgage
and an equitable mortgage
– Describe the implied and express terms of a mortgage
– Recognize and describe an interim blanket mortgage, a vendor take-back mortgage, a reverse annuity mortgage, and bridge financing, and
explain why each might be used
– Understand the scope and effect of the federal
– Interest Act and Criminal Code and explain how they affect mortgages
– Explain the scope and effect of relevant provincial legislation and how they affect mortgages
– Explain how a lender assigns a mortgage, and the rights and obligations of the lender, the borrower, and the assignee
– Explain how a mortgage can be assumed and what risks are involved, including the continuing liability of the original borrower
– Apply the provisions of various provincial and federal legislation to the issue of priority
– Describe the relief available to a lender in a foreclosure proceeding
– Describe the steps involved in a foreclosure proceeding that ends in a sale by the owner, judicial sale, order approving sale, or order absolute of foreclosure, and the rights of the parties involved
– Describe an agreement for sale and how it differs from a vendor take-back mortgage
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