Interest Rate Buydown - Letter of Direction from Purchaser
Letter of Direction
To: Royal Bank of Canada
From: ____________________ (“Borrower”)
Re: Mortgage Loan No. (the “Mortgage”) secured against __________________
The undersigned hereby irrevocably authorize and direct Royal Bank of Canada to withhold the amount of $ from the amount to be advanced under the Mortgage and to retain it as a payment to reduce the interest rate to the rate indicated on the Mortgage. The undersigned acknowledges that the principal amount of the Mortgage will not change notwithstanding the deduction of this amount from the advance. As this amount is being withheld from the Mortgage advance and being paid to Royal Bank of Canada, the undersigned acknowledge that
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our lawyer/notary must discuss with the vendor how the vendor will pay this amount on closing.
the other third party will be giving me a cheque in this amount to apply towards the purchase of the above property.
DATED at , this day of , 20 .
_______________________________ _____________________________
(Borrower) (Borrower)
_______________________________
Acknowledged (Borrower's lawyer/notary)
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