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Real Estate Conveyancing | Letter To Vendors
 LETTER TO VENDORS
The mortgage which was registered against your tide has been assumed by the Purchaser(s). We confirm once again that this mortgage is a high-ratio, insured mortgage. This means that if the mortgage is allowed to go into default by the Purchaser(s), or any subsequent Purchaser(s), and foreclosure proceedings result, you could be personally liable for any deficiency should the value of the property be less than the total amount of principal, interest and costs ultimately determined to be owing under the mortgage. You will remain potentially personally liable for so long as the mortgage is in existence (i.e. until it has been repaid in full).
Should you ever be served with foreclosure documents in connection with this property, you should seek legal advice immediately, as there may be steps available to lessen your exposure.
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