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Can a lender charge a mortgage pre-payment penalty under Power of Sale proceedings or once the mortgage term has matured, regardless if it is an Open or Closed Mortgage?

Under section 17 of the Mortgages Act, and pursuant to relevant case law the answer is “Yes” the lender can. Subject to the wording in the original mortgage commitment/agreement, you ...

STATUS CERTIFICATE REVIEW – A Way Out of the Deal?

Conditional review of a condminium status certificate by a lawyer is a common condominium re-sale condition contained in agreements of purchase and sale. The condition is typically worded to give a lawyer a wide degree of discretion in detemrining whether a purchaser should waive the condition or escape the agreement.

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