--- title: Why is Form B (Mortgage) sufficient as a Loan Agreement in British Columbia? description: Form B (Mortgage) in British Columbia functions as both a loan agreement and security document, simplifying the process by eliminating the need for separate legal contracts. --- [Skip to content](https://learning.addyinvest.com/why-is-form-b-sufficient-as-a-loan-agreement-in-british-columbia#main-content) English Show submenu for translations ![addy logo.png\]](https://learning.addyinvest.com/hs-fs/hubfs/logos%20-%20addy/addy%20logo.png?height=40&name=addy%20logo.png) Open main navigation Close main navigation - English Show submenu for translations - [Go to addyinvest.ca](https://addyinvest.ca/) [Go to addyinvest.ca](https://addyinvest.ca/?hsLang=en) Hello 👋 How can we help you? - There are no suggestions because the search field is empty. 1. [addy Help Centre](https://learning.addyinvest.com/?hsLang=en) 2. [Hard Money Loans](https://learning.addyinvest.com/hard-money-loans?hsLang=en) 3. [For Lenders](https://learning.addyinvest.com/hard-money-loans?hsLang=en#for-lenders) # Why is Form B (Mortgage) sufficient as a Loan Agreement in British Columbia? ## Form B (Mortgage) in British Columbia functions as both a loan agreement and security document, simplifying the process by eliminating the need for separate legal contracts. In British Columbia, Form B (Mortgage) is both a legally enforceable loan agreement and a security instrument, making it unnecessary to have a separate loan agreement or promissory note. It serves two primary purposes: first, it secures the loan by creating a legal charge on the property, and second, it outlines the loan’s key terms, such as the principal, interest, and remedies in case of default. This dual purpose is why BC’s process differs from other provinces where separate agreements are more common. 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