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ARTICLE · 30 OCTOBER 2008

The "Quit Claim Deed" Alternative: Let´s Make A Deal

Blake, Cassels & Graydon LLP
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Provided that there are no unacceptable subordinate encumbrances, a quit claim deed deal will be more expeditious and less expensive for the lender than foreclosure proceedings, and will achieve a similar result.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2008, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Real Estate Mortgage Enforcement, October 2008

Upon the occurrence of a loan default, the lender may wish to make a deal directly with the borrower to obtain its title to the mortgaged property – generally when there is a depressed market, or no ready market, for the mortgaged property and the lender expects that in the long-term values will improve or can be improved sooner by the lender's better management or capital improvements – and the lender does not want to follow through on a lengthy and costly foreclosure procedure. The deal would require the borrower to transfer, by a so-called "quit claim deed", its interest in the mortgaged property to the lender, generally in satisfaction of the borrower's obligation to pay the debt.

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