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Equity Release Agreement

Equity Release Agreement Template for Canada

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Key Requirements PROMPT example:

Equity Release Agreement

"I need a standard Equity Release Agreement under Canadian law for a residential property in Ontario, where the borrower is a retired couple aged 70+ and the property is their primary residence, with a planned release date of March 1, 2025."

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Document background
The Equity Release Agreement is a specialized financial contract used in Canadian financial services to facilitate the release of equity from residential property while allowing the owner to continue residing in the home. This document is particularly relevant for senior homeowners seeking to access their property's value without selling or moving. The agreement must comply with both federal legislation (such as the Bank Act and Financial Consumer Agency of Canada Act) and provincial laws governing real estate and consumer protection. It includes detailed terms about the financial arrangement, property obligations, risk disclosures, and consumer protection provisions. The document is designed to protect both the financial institution's security interest and the property owner's rights, with specific requirements varying by province. This type of agreement has become increasingly important in Canada's aging population context, requiring careful attention to regulatory compliance and consumer protection measures.
Suggested Sections

1. Parties: Identification of the equity release provider and the property owner(s)

2. Background: Context of the agreement, including property ownership status and purpose of the equity release

3. Definitions: Definitions of key terms used throughout the agreement

4. Amount and Purpose: Details of the equity release amount and its intended use

5. Property Details: Description and details of the property subject to the equity release

6. Financial Terms: Interest rates, fees, charges, and payment terms

7. Security Arrangements: Details of the charge/mortgage over the property

8. Borrower Covenants: Obligations of the property owner including property maintenance and insurance

9. Lender Covenants: Obligations of the equity release provider

10. Risk Disclosures: Mandatory risk warnings and financial implications

11. Term and Termination: Duration of the agreement and circumstances for early termination

12. Events of Default: Circumstances constituting default and consequences

13. Representations and Warranties: Statements of fact and promises by both parties

14. General Provisions: Standard clauses including notices, amendments, and governing law

Optional Sections

1. Guarantor Provisions: Required when there is a guarantor for the equity release

2. Power of Attorney: Optional clause granting power of attorney in specific circumstances

3. Insurance Requirements: Detailed insurance requirements for high-value or unique properties

4. Property Lease Provisions: Required if the property has existing tenants or future rental possibilities

5. Life Insurance Requirements: Optional requirement for life insurance to cover the equity release

6. Spousal Consent: Required when the property owner is married and the property is a matrimonial home

7. Independent Legal Advice: Confirmation of independent legal advice, mandatory in some jurisdictions

Suggested Schedules

1. Schedule A - Property Description: Legal description and details of the property

2. Schedule B - Financial Terms: Detailed breakdown of financial calculations, interest rates, and fees

3. Schedule C - Payment Schedule: Schedule of any payments or distributions

4. Schedule D - Risk Disclosure Statement: Detailed risk warnings and financial implications as required by regulations

5. Schedule E - Property Valuation: Professional valuation report or summary

6. Schedule F - Required Insurance: Detailed insurance requirements and specifications

7. Appendix 1 - Independent Legal Advice Certificate: Signed certificate from legal advisor

8. Appendix 2 - Borrower's Statement of Assets and Liabilities: Financial disclosure from the property owner

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































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Relevant Industries

Financial Services

Banking

Real Estate

Legal Services

Insurance

Wealth Management

Senior Care Services

Mortgage Lending

Relevant Teams

Legal

Compliance

Risk Management

Mortgage Services

Product Development

Financial Advisory

Documentation

Underwriting

Customer Relations

Quality Assurance

Relevant Roles

Legal Counsel

Mortgage Specialist

Financial Advisor

Compliance Officer

Risk Manager

Property Valuator

Senior Financial Planner

Product Manager

Equity Release Specialist

Consumer Protection Officer

Underwriting Manager

Legal Documentation Specialist

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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