Assignment of Mortgage
A mortgage assignment is a document that transfers ownership of a mortgage from one person to another. This can be done for various reasons, such as when the original borrower sells the property to a new owner. The assignment must be prepared by a lawyer and registered with the land registry office in the province where the property is located. There are a few things to keep in mind when assigning a mortgage. First, the new owner must be qualified to take on the mortgage.
This means they must have a good credit score and prove they have the income to make the monthly payments.
Second, the mortgage must be properly assigned to be enforceable.
All relevant paperwork must be completed and filed with the appropriate government office. If you’re thinking of assigning your mortgage, it’s important to seek legal advice to ensure that the process is done correctly.