Mortgage Payout Statement (Calculations and Items)

Summary

This precedent is a sample of a mortgage payout statement which a lawyer could put together for their client whether the client is a private mortgagee in a transaction or an institutional lender such as a bank. Institutional lenders usually provide their own form of payout statement as of a certain date when asked to do. This sample is intended to provide only some of the items which could be included. This precedent contains practical guidance and drafting notes. Usually, an institutional lender, such as bank, will provide its own detailed mortgage payout statement indicating the outstanding principal amount and accrued interest owing or owed to a certain date. The lender may also provide a "per diem" amount to calculate how much is to be paid to retire the debt and obtain a discharge of the mortgage from title. It is always wise to tack on an extra day or two of per diem in the amount submitted to pay out the mortgage if the funds arrive after a certain time of the day when one more ...