We are all familiar with the term mortgage, but very few people even know basic mortgage information. The Ontario Mortgages Act, R.S.O. 1990c.M.40 (this is the legislation that governs mortgages in Ontario), a mortgage is defined as, “any charge on any property for securing money or money’s worth.” Simply put, a mortgage is a loan secured by real property.
- Loan is the amount of money borrowed or advanced by the lender.
- Secured means that a charge (legal document outlining the terms of the loan) is registered against the property and on title.
- Title is a term which refers rights that the owner of a property has. If a mortgage is registered “on title” it means that the mortgage is officially registered against the ownership of the property through the Land Titles Office. Everyone registered on a title has rights to that property.
- Real Property is a term used to describe the building and the land it is situated on. This is a legal term which differentiates real estate propert from personal property. Personal property is also referred to a s chattels and is typically movable.
In Barrie Ontario the Land Registry Office is located at:
114 Worsley Street
Barrie ON L4M 1M1
General Inquiry: (705) 725-7232
Hours of Operation:
Monday to Friday, 8:30 a.m. to 5 p.m.
Closed on public holidays.