Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 12

The first mortgage registered against the entire condominium project is a blanket mortgage. That means that the mortgage is registered over the entire property. The blanket mortgage is placed on the project by the developer, who uses the funds from the mortgage to build it. As the developer sells individual units, the lender removes the mortgage from each individual unit. Meanwhile, the buyer can obtain a condominium mortgage to pay for the individual unit, if necessary.