Borrowers are advised to read and understand all of the sections below, and to ask their mortgage professional for clarification(s) regarding any sections that remain unclear after reading.
When a mortgage is funded, most mortgage lenders will pay the outlined finder’s fees to Alberta Mortgage, which allows for Alberta Mortgage to arrange for mortgage financing without charging additional fees to the borrower.
Below, the terms “we,” “my,” “our” and “I” refer to the mortgage borrower and the term “you” refers to Alberta Mortgage.
1. We agree to pay Alberta Mortgage & Financial Services Center Ltd. A brokerage fee of 1% (beacon of all applicants to be >640) or 1.5% (beacon of all applicants to be <640 but >600) or 2% (beacon of all/or any of the applicants to be <600 and /or bankruptcy in last 5 years) or an agreed upon percentage plus disbursements on this transaction. The brokerage fee shall be duly earned and payable upon acceptance of your lender’s commitment letter. In the event lender pays a finders fee, Broker Agent will waive the ____________% of the fee upon completion of the transaction. In the event your brokerage fee is not paid in full upon acceptance of your lenders commitment letter, we hereby irrevocably authorize and instruct the lender, their solicitor and/or our solicitor to deduct your brokerage fee from the loan proceeds upon funding in due course and remit it directly to your office.
2. We agree to pay all legal fees, disbursements, inspection fees, appraisal fees and costs relative to my loan.
3. We agree to provide Alberta Mortgage & Financial Services Center Ltd. with truthful and accurate knowledge to the best of our abilities throughout the entire term of our agency agreement.
4. We agree that Alberta Mortgage & Financial Services Center Ltd. Shall be entitled to retain any finders fees, referral fees or commission of any kind paid by the lender relative to my transaction.
5. We agree to refer all inquiries for lending to you and to communicate to you all offers to lend which we may receive during the term of our agency agreement.
6. We agree to allow you or your lender the opportunity to inspect the subject property during reasonable hours.
7. We agree and authorize Alberta Mortgage & Financial Services Center Ltd. and/or your lender to obtain credit reports from Equifax Canada Inc. or such other reporting agency, as they may deem necessary relative to my loan.
8. We agree that in the event we accept your lender’s commitment and do not proceed with the loan for any reason, than we shall forthwith pay the brokerage fees and all other costs incurred in consequence of my application.
9. We the undersigned to become registered owner of the subject property hereby accept the terms and conditions of this agreement and in consideration of the services to be performed by Alberta Mortgage & Financial Services Center Ltd. Hereby charge the properties with and for any fees and commission which may be earned under the terms of this agreement.