Purchaser's Statutory Declaration re Mortgage

Summary

This precedent is a residential that provides a Statutory Declaration which a Borrower of money may have to give to their Mortgage Lender. The Declaration will provide comfort to the Lender respecting the use of the monies. This precedent contains practical guidance and drafting notes. The Declaration is intended to reassure the Lender respecting the use of the monies to acquire the property and not for other purposes which may result in someone else obtaining a priority lien or general claim on the funds advanced. A "Statutory Declaration" in Ontario is the equivalent of an "Affidavit", "Sworn Statement" or "Statement made under Oath" in other jurisdictions. It is a solemn and serious communication by, in this case, the Vendor to the Purchaser in a transaction laying out certain facts and statements which the Purchaser may rely upon as if they had been given "under oath". In other words, knowingly lying or misrepresenting the truth under a "Statutory Declaration" is a serious offence ...