Independent Legal Advice (ILA) Certificate for Residential Mortgage

Summary

This precedent is an Independent Legal Advice ("ILA") Certificate which could be used as part of a residential mortgage transaction to obtain proof that the spouse, who has title to the property, has consented to the mortgaging of a residential complex so that the funds can be used in a business venture. This precedent contains practical guidance and drafting notes. It is the responsibility of legal counsel providing independent legal advice to a title holder to ensure that the possible mortgagor appreciates the nature and risks associated with providing the proposed mortgage. The purpose of the ILA Certificate is to prevent a lender from taking an unfair advantage of a mortgagor. The mortgagor's lawyer must review with and explain to the mortgagor the terms of the mortgage and the nature and effect of the obligations under same. This includes the liability and potential loss of the property that will be incurred and the manner in which such loss could happen. For more information, ...