Resolution 1996-10 of the Real Estate Council of Alberta

WHEREAS by Rule 65(2) under the Real Estate Act , S.A. 1995, c. R-4.5, the Real Estate Council of Alberta (the "Council") has the power, duty and responsibility to prescribe, adopt and approve the form for and information contained in the Lender/Investor Disclosure Statement which a mortgage agent shall deliver to a prospective lender or investor before accepting money to be used for making a loan or an investment in a mortgage;


THEREFORE BE IT RESOLVED THAT:

  The Council hereby prescribes, adopts and approves the form attached hereto as Schedule "A" and the information contained therein as the form and information required for the Lender/Investor Disclosure Statement which a mortgage agent shall deliver to a prospective lender or investor before accepting money to be used for making a loan or an investment in a mortgage.

DATED at Calgary, Alberta on this 9 th day of July 1996.


SCHEDULE "A"
REAL ESTATE ACT
LENDER/INVESTOR DISCLOSURE STATEMENT

This form must be completed in duplicate before a registered mortgage broker accepts money to be used for making a loan or an investment in a mortgage in accordance with the Real Estate Act .
Name of Registered Broker
Address
Telephone
Name of Lender/Investor
Address
Telephone
Name of Mortgagor
Address
Telephone
1. Detailed description of property (legal and municipal)
2. Terms and Conditions of Mortgage

(a)

Principle amount of the ____________________________  (1 st , 2 nd , 3 rd )
mortgage to be repaid $____________________________
(b) Annual percentage interest rate _____________ %.  When annual percentage rate is subject to variations, it shall vary in the following manner and conditions:
(c)

Original amount of mortgage $____________________ Date ________________________

(d) Term ___________________;  Amortization _____________ years
(e) Amount of monthly payment $______________________________
(f) Maturity date __________________________________________
3.

The charges, fees, etc. are made up as follows:

Mortgage Broker fees $ ______________________
Estimated legal fees $ ______________________
Other charges or fees $ ______________________
Total $ ______________________
4.

The terms and conditions of repayment before maturity of the mortgage are as follows:


5.

Date of appraisal _________________________________  Appraised value $___________________

Name of appraiser and qualifications:

6. Payments on all mortgages on the property are current except for the following arrears:
7. A copy of duplicate certificate of title was provided on (date) _______________________________
I, ________________________________________________________ of ____________________have

fully completed the above statement form in duplicate and have provided a copy to the Lender/Investor on

(date) __________________________.

(Signature of Mortgage Broker Designated Representative)

I/We sign this statement form in duplicate this _______ day of _____________________, 19 _____ and

I/we hereby acknowledge receipt of the fully completed copy of this statement form.

(Signature of Lender/Investor)


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