Does a written list of liabilities need to be included in a mortgage application?
Ontario, Canada
The following excerpt is from Verkaik v. Verkaik, 2009 CanLII 6843 (ON SC):
On the evidence, however, there was no necessity for a detailed written listing of liabilities in the circumstances of this case. As was said by Wallace U.F.C.J. in Ablaka v. Ablaka (1991), 32 R.F.L. (3d) 369 at page 373, “it is appropriate to look at the respective positions of the parties entering into the agreement in question”. Both the assets and liabilities had been disclosed between the parties in the case at bar. The applicant was entirely knowledgeable about the extent of the respondent’s mortgages on the listed properties. On her own evidence she often paid the bills.
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