You Can’t Lend if You’re Not Licensed, or Can You? Vendor Take-Back Mortgage – a Helpful Tool in Transfer of Property Ownership

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By Karen Ngan

It’s not always possible for buyers or families to figure out financing before making the decision to buy real estate. You may want to sell property amongst family members who do not qualify for a traditional mortgage. Particularly in today’s market, the ability for sellers to lend money by way of a vendor take-back mortgage can be a helpful tool in the transfer of property ownership. However, if you’re thinking about offering a vendor take back mortgage, there are important regulations to bear in mind.