1. Use of Platform
Our Platform is an online service that allows individuals to apply for and obtain mortgage loans from private investors who fund the loans. All properties used as collateral for the loans originated through our Platform will be located in Quebec, Canada.
You may use our Platform solely for the purpose of applying for and obtaining mortgage loans through our Platform. You may not use our Platform for any other purpose, including for any commercial purposes, without our prior written consent.
2. Eligibility
To use our Platform, you must:
By using our Platform, you represent and warrant that you meet these eligibility requirements.
3. Jurisdiction
This Platform is intended for users in the province of Quebec, Canada. By using this Platform, you agree that any disputes or legal matters arising from or related to your use of the Platform shall be subject to the exclusive jurisdiction of the courts of the province of Quebec.
4. Mortgage Application Process
To apply for a mortgage loan through our Platform, you will be required to provide personal and financial information, as well as information about the property being used as collateral. You will also be required to sign and submit various documents, including a mortgage application, a mortgage commitment letter, and a mortgage agreement.
By submitting a mortgage application through our Platform, you represent and warrant that all information you provide is true, accurate, and complete to the best of your knowledge.
We reserve the right to reject any mortgage application for any reason, including if we determine that you do not meet our eligibility requirements or if we determine that the property being used as collateral is not suitable for our mortgage products.
5. Mortgage Origination and Servicing
If we approve your mortgage application, we will facilitate the origination of the mortgage loan with one or more private investors who fund the loans originated through our Platform.
We will also service the mortgage loan, which includes collecting payments from you, disbursing funds to pay property taxes and insurance premiums, and managing the foreclosure process if necessary.
6. Payment details
Your mortgage repayments will occur exclusively through pre-authorized debit. You will sign an agreement designating a specific bank account for withdrawals. By signing, you authorize us to initiate withdrawals for loan repayment according to the agreed terms. In case of insufficient funds, you agree to bear any NSF fees charged by your bank and PADS. Ensure adequate funds in the designated account to prevent delays and additional charges. Please exercise diligence in managing your pre-authorized debits.
7. Fees
We may charge fees for our mortgage origination and servicing activities. The specific fees and charges will be disclosed to you in writing prior to the origination of the mortgage loan.
8. Intellectual Property
Our Platform and all content and materials included on our Platform, including but not limited to text, graphics, logos, button icons, images, audio clips, data compilations, and software, are the property of PADS or its licensors and are protected by Canadian and international copyright, trademark, and other intellectual property laws.
You may not use our Platform or any of its content for any purpose not expressly authorized by these Terms. You may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any content or materials included on our Platform without our prior written consent.
9. Prohibited activities
You agree not to engage in any of the following activities while using the Platform:
10. Third party content and activities
The Platform uses third-party services. We do not endorse or assume responsibility for the content or activities of these third parties. You acknowledge and agree that we are not responsible for any third-party content, services, or actions.
11. Disclaimers and Limitations of Liability
Our Platform is provided on an "as is" and "as available" basis, without any warranties of any kind, express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, non-infringement, or any other warranty.
We do not guarantee that our Platform will be error-free, uninterrupted, or free of viruses or other harmful components. We are not responsible for any damages arising.
12. Modifications
We reserve the right to modify or update this Agreement at any time. Your continued use of the Platform after such modifications constitutes your acceptance of the updated Agreement.
13. Termination
We reserve the right to terminate or suspend your access to the Platform at our discretion, without prior notice, for any reason, including but not limited to a violation of this Agreement or inappropriate conduct. Upon termination, you must cease using the Platform immediately.
14. Privacy
We are committed to protecting your privacy and the privacy of all individuals who use our Platform. Our privacy policy outlines how we collect, use, and disclose personal information in connection with our mortgage origination and servicing activities.
15. Contact us
If you would like to access your information, if you have any questions, comments or suggestions, if you find any errors in our information about you, or for more information please contact our customer service team at: info@padsfinancial.com.
