Q: With the recent legalization of cannabis, any person can legally grow 4 cannabis plants per residence for personal use. I know that lenders have strong policies on issuing mortgages that were growing Cannabis. Have lenders updated their policies in this regards? – Peter
A: Thanks for your timely question Peter. I called Mr. Pat Pelletier from Dominion Lending Centres to help me answer this for you and here it is:
In lieu of the recent legalization of Cannabis the lenders have updated their Standard Mortgage documents to reflect their position on the issue. They have changed their Standard Mortgage to include the following. Whether it is enforceable in court is unclear, but here it starts.
“You certify that you have made reasonable investigations and inquiries and that, to the best of your knowledge, no part of your property or any land next to your property is, or has been, or will be, used to manufacture, refine, handle, treat, store, dispose of or in any other way deal with any substances, except as allowed by laws, regulations and orders, provided any growing, manufacturing, refining, handling, treating or storing of marijuana on your property is strictly prohibited whether permitted by law or otherwise.”
Pat Pelletier Dominion Lending Centres
Tibor Bogdan & Associates
*Personal Real Estate Corporation
Sutton Showplace Realty