The equity of redemption is a foundational principle in mortgage law that protects the rights of borrowers i.e. the registered owners/mortgagors—by allowing them to retain ownership of the property upon repayment of their mortgage debt. When a borrower has defaulted, this right ensures that the borrower has an opportunit...
A Vendor Take-Back Mortgage (VTB) is an alternative financing solution where the seller accepts part or all of the purchase price consideration in the form of a mortgage from the buyer registered against title to the property being purchased. In a VTB, the seller acts as the lender, allowing the buyer to make payments dire...
Under Ontario’s Succession Law Reform Act (SLRA), a preferential share serves as a statutory entitlement that safeguards the financial interests of a surviving spouse when a deceased individual dies intestate (without a valid will). This legal provision ensures that the surviving spouse receives a predetermined portion o...
For homebuyers in Ontario, mortgage rates are a key factor in shaping purchasing power, affordability, and the ability to navigate the real estate market successfully. As real estate lawyers at Kormans LLP, we understand how these rates impact both legal considerations and financial commitments. Our goal is to help you gra...
A reverse mortgage, also known as a CHIP (Canadian Home Income Plan) mortgage in Canada, is a financial solution for homeowners aged 55 and older. It allows individuals to access the equity in their homes without selling the property, offering significant financial flexibility during retirement. However, this option comes ...
