Seller Financed Mortgage Contract Template for Canada

1. Due on Sale Clause: Optional clause that makes the entire mortgage due if the property is sold - may not be desired if the seller wants to allow assumption of the mortgage

2. Balloon Payment: Include only if the payment structure includes a large final payment

3. Property Management and Maintenance: Additional requirements for property upkeep - particularly relevant for commercial properties

4. Environmental Warranties: Particularly important for commercial properties or properties with known environmental history

5. Secondary Financing: Rules regarding the buyer's ability to obtain additional financing - include if relevant to the transaction

6. Personal Guarantees: Include when additional personal guarantees are required from principals of a corporate buyer

7. Escrow Requirements: Include if tax and insurance payments are to be escrowed rather than paid directly by the buyer

8. Cross-Collateralization: Include if multiple properties are involved or if other assets are securing the loan

1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, boundaries, and easements

2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, principal and interest breakdowns

3. Schedule C - Insurance Requirements: Detailed specifications for required insurance coverage

4. Schedule D - Property Condition Report: Documented condition of the property at time of sale

5. Schedule E - Environmental Reports: Any environmental assessments or reports if applicable

6. Appendix 1 - Property Photos: Dated photographs documenting the property condition

7. Appendix 2 - Required Repairs: List of any repairs or improvements required as conditions of the agreement

8. Appendix 3 - Title Documents: Copies of relevant title documents and searches