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Foreclosure Deed
"I need a Foreclosure Deed for a commercial property in Ontario, Canada, where the mortgagor defaulted on a multi-unit retail complex, with existing tenants whose rights need to be preserved, and the transfer needs to be completed by March 15, 2025."
1. Title and Date: Formal title of the document as a Foreclosure Deed and date of execution
2. Parties: Identification of all parties: the grantor (usually the court officer or authorized person executing the deed), the defaulting mortgagor, and the grantee (either the foreclosing lender or purchaser)
3. Recitals: Background information including the original mortgage details, default occurrence, and court proceedings leading to foreclosure
4. Reference to Court Order: Details of the foreclosure order including court reference number, date, and presiding judge
5. Property Description: Legal description of the foreclosed property, including street address, lot number, and detailed boundary description
6. Conveyance Clause: Formal language transferring title from mortgagor to grantee
7. Title Warranties: Statements regarding the status of the title being conveyed
8. Execution: Formal execution clause and signature blocks
9. Acknowledgment: Notarial acknowledgment or other required certification
1. Personal Property: Section describing any personal property included in the foreclosure, used when fixtures or other personal property are part of the foreclosure
2. Redemption Rights: Statement regarding any remaining redemption rights, included if required by provincial law or if redemption period hasn't expired
3. Tax Provisions: Specific clauses regarding property tax obligations and adjustments, included when tax matters need to be addressed
4. Tenant Rights: Section addressing existing tenant rights and leases, included when the property has tenants
5. Environmental Provisions: Statements regarding environmental conditions or liabilities, included when environmental issues are present
6. Assignment of Rents: Transfer of right to collect rents, included for income-producing properties
1. Schedule A - Property Description: Detailed legal description of the property including surveys and plans
2. Schedule B - Court Order: Copy of the foreclosure order and related court documents
3. Schedule C - Title Search: Results of title search showing the chain of title and any encumbrances
4. Schedule D - Tax Certificate: Current tax certificate showing status of property taxes
5. Schedule E - Permitted Encumbrances: List of any permitted encumbrances that will survive the foreclosure
6. Appendix 1 - Property Photographs: Recent photographs of the property for identification purposes
7. Appendix 2 - Survey Plan: Current survey plan of the property if available
Authors
Banking & Financial Services
Real Estate
Legal Services
Property Management
Insurance
Mortgage Lending
Property Development
Public Sector - Land Registry
Construction & Development
Legal
Real Estate Operations
Mortgage Services
Risk Management
Property Administration
Compliance
Credit Administration
Document Management
Title Services
Asset Management
Real Estate Lawyer
Mortgage Officer
Property Manager
Title Officer
Legal Counsel
Real Estate Manager
Foreclosure Specialist
Credit Risk Manager
Real Estate Administrator
Corporate Counsel
Loan Officer
Real Estate Paralegal
Property Administrator
Court Officer
Compliance Officer
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