Document Completion Instructions (5722 British Columbia-2010/11)

Document Sample
Document Completion Instructions (5722 British Columbia-2010/11) Powered By Docstoc
					                                                                                                                                   5722-2010/11
                                                                                                                               British Columbia
                                                                                                                                     Page 1 of 2
                                                Document Completion Instructions
                  Conventional, Conventional Insured and CMHC (NHA) Insured Residential Mortgages



Forms Enclosed or can be obtained from our website (www.cmidocs.com)

Form 1006 PRV-2007/06                      – Solicitor's Final Report and Certificate of Title

Form 1010 PRV-2010/11                      – Instructions to Solicitor

Form 1040 PRV-2007/10                      – Agreement to Assume a Mortgage/Charge

Form 1053 PRV-2008/06                      – Solicitor's Interim Report/Requisition for Funds

Form 5453-2009/09 British Columbia – Standard Mortgage Terms No. MT090106

Form 4746-02/02 (Form B)                   – Mortgage – Part 1

Form 6498 BC P-2007/10 (Form E)            – Schedule of Additional Provisions for a CIBC Better Than Prime Mortgage™

Form 6498 BC O-2007/10 (Form E)            – Schedule of Additional Provisions for a Variable Rate Open Mortgage

Form 6498 BC VF-2008/03 (Form E) – Schedule of Additional Provisions for a CIBC Variable Flex Mortgage™

General Terms and Conditions               – This document is for future use. Please do not use until advised by your CMI Representative.



Completion of Documents

Follow the instructions in the Land Titles Act and Land Transfer Forms Act and applicable Regulations.

The Lender/Mortgagee is to be completed in Item 4 of Form B Mortgage – Part 1 as:

    CIBC MORTGAGES INC. (Reg. A33457)
    400 Burrard Street - 5th floor
    Vancouver, British Columbia V6C 3A6

In addition, please follow A or B, whichever is applicable.

A. FOR FIXED RATE MORTGAGES including CIBC Better Than Posted Mortgage, fixed rate closed mortgage, fixed rate
   open mortgage and 6-Month Convertible Closed Mortgage – Conventional, Conventional Insured and CMHC Insured
   Residential Mortgages.

   Form B S – Mortgage – Part 1

       i)    Items 5 (h)     – Insert "N/A"
       ii)   Items 6 & 7     – Insert "No"
       iii) Item 9           – Mark (b) with an X and insert MT090106 after D.F. Number
       iv) Item 10           – Insert rate and prepayment mortgage type and, if insured, insured-mortgage type as follows:
                             – RATE AND PREPAYMENT MORTGAGE TYPE                                 INSURED-MORTGAGE TYPE
                             – "This is a fixed rate open mortgage." OR                          "This is a Genworth insured mortgage" OR
                               "This is a fixed rate closed mortgage." OR                        "This is a CMHC insured mortgage and is
                               "This is a 6-Month Term Convertible Closed Mortgage." OR          made pursuant to the National Housing Act."
                               "This is a CIBC Better Than Posted Mortgage".
       v)    Item 11         – Complete this item in full
       vi) Item 12           – Add Guarantor(s) Signature(s) if applicable
       vii) All other Items – Complete in accordance with the facts, the Approval and the Instructions to Solicitors

B. FOR VARIABLE RATE MORTGAGES including CIBC Better Than Prime Mortgage™, CIBC Variable Flex Mortgage™ and
   variable rate open mortgage – Conventional, Conventional Insured and CMHC Insured Residential Mortgages.

   Form B – Mortgage – Part 1
   Complete as for A excepting as follows:

       i)    Item 5(b)       –   Insert "See Schedule"
       ii)   Item 5(h)       –   Insert “N/A”
       iii) Item 10          –   Insert rate and prepayment mortgage type and, if insured, insured-mortgage type as follows:
                             –   RATE AND PREPAYMENT MORTGAGE TYPE                               INSURED-MORTGAGE TYPE
                             –   "This is a CIBC Better Than Prime Rate Mortgage." OR            "This is a Genworth insured mortgage" OR
                                 “This is a CIBC Variable Flex Mortgage.” OR                     "This is a CMHC insured mortgage and is
                                 "This is a variable rate open mortgage."                        made pursuant to the National Housing Act."

   Schedule (Form E)

       i)    Complete "Page           of          " as required on every page.
       ii)   Complete the section entitled Payment Provisions Interest Rate (Box 5(b)) as follows:
             a) For a CIBC Better Than Prime Mortgage: Complete this section with the information contained in the Mortgage
                Approval and with the rate details calculated at the ongoing rate and not at the 9 month promotional rate.
             b) For a CIBC Variable Flex Mortgage: Complete this section with the information contained in the Mortgage Approval.
                                                                                                                                5722-2010/11
                                                                                                                            British Columbia
                                                                                                                                  Page 2 of 2
           c) For a variable rate open mortgage: Complete this section in accordance with the Mortgage Approval.
      iii) Complete the section entitled Additional Provisions (Box 10) as follows:
           a) For a CIBC Better than Prime Mortgage: Complete this section with the information contained in the Mortgage Approval
              for the 9 month promotional rate.
           b) For variable rate open mortgages only: If the Mortgage Approval contains the provision entitled “Interest Rate Buy Down
              Coupon for Open Variable Rate Mortgages”, you must include the Interest Rate Buy Down Provision contained in the
              section entitled Additional Provisions (Box 10) and complete it with the information contained in the Mortgage Approval. If
              the Mortgage Approval does not contain the “Interest Rate Buy Down Coupon for Open Variable Rate Mortgages” provision,
              you must delete the Interest Rate Buy Down Provision from the section entitled Additional Provisions (Box 10).

   Where the mortgage is being registered electronically, kindly insert the following information:

   1. Principal, Interest Rate, Calculation Period – Complete in accordance with the Mortgage Approval.
   2. Interest Adjustment Date, Payment Date, Payment Amount, Balance Due Date – Complete in accordance with the MONTHLY or
      FLEXI terms on the Mortgage Approval, whichever is applicable.
   3. Insurance     – For NON CONDOMINIUMS, insert "See paragraph 8.4 of Standard Charge Terms No. MT090106”.
                    – For CONDOMINIUMS, insert "See paragraph 9.6 of Standard Charge Term s No. MT090106".
   4. Attach a copy of the Schedule of Additional Terms (completed in accordance with the instructions set out above)
      as a SCHEDULE to the mortgage or type in the provisions of the Schedule of Additional Terms in the “ADDITIONAL
      PROVISION FIELD”.

   If further additional provisions are to be included in the mortgage according to the Mortgage Approval, these provisions should
   be added to the Schedule of Additional Terms for variable rate mortgages.


We rely fully on you to complete all documents in accordance with these instructions, the Instructions to Solicitor (Form 1010 PRV)
and the requirements of the Land Title Offices.
Unless contained in the terms and conditions of the Approval or in the Instructions to Solicitor (Form 1010 PRV), alterations,
deletions or additions must not be made without our prior written consent.
You must provide us with a duplicate registered copy of the Form B (Mortgage – Part 1) together with all attached schedules and
an acknowledgment of receipt signed by each borrower and guarantor.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:9
posted:11/24/2011
language:English
pages:2