Buying property in Canada - mortgage chains
#31
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Re: Buying property in Canada - mortgage chains
It appears from HGerchikov's latest responses that the apparent difference between us is mostly one of semantics and perspective, in terms of a "seller's condition". S/he is taking it from a pragmatic RE agent's perspective, whereas I am putting forth a more fundamental legal perspective.
Last edited by abner; Feb 16th 2021 at 1:57 am.
#32
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Re: Buying property in Canada - mortgage chains
IThe difference between a clause requiring Seller to be released from a previous offer and one for the Buyer to obtain financing is that the Buyer can decide not to fulfill that condition and can waive it as it at his discretion - a Seller has no control over whether he is released from the previous offer - that is at the discretion of the original buyer.
#33
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Re: Buying property in Canada - mortgage chains
Handy hint, I previously resided in Canada for many decades, and my esteemed father was a specialist real estate lawyer for several years at a top national firm before being elevated to a federal judgeship. IANAL, and all that, but I did learn a few things at the family dinner table.
It appears from HGerchikov's latest responses that the apparent difference between us is mostly one of semantics and perspective, in terms of a "seller's condition". S/he is taking it from a pragmatic RE agent's perspective, whereas I am putting forth a more fundamental legal perspective.
It appears from HGerchikov's latest responses that the apparent difference between us is mostly one of semantics and perspective, in terms of a "seller's condition". S/he is taking it from a pragmatic RE agent's perspective, whereas I am putting forth a more fundamental legal perspective.
#34
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Re: Buying property in Canada - mortgage chains
Even with conditions its still binding, subject to conditions. You can’t just change your mind. You are committed as long as the bank gives you the mortgage (or whatever the condition states). Unless you want to break the law. You can break the law and face the consequences but that’s not a sound “legal perspective”.
Particularly dodgy when telling this to folks arriving from the land of gazumping and gazundering.
Last edited by Mordko; Feb 16th 2021 at 3:40 am.
#36
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Re: Buying property in Canada - mortgage chains
There is no language in the standard condition for a Seller to be released from a previous deal that allows the Seller to waive it - only fulfill. Obviously he cannot waive it without fulfilling because then he would have entered into two legally binding contracts to sell one property. I think the 'Fundamental Legal Perspective ' of that situation is pretty clear.
#37
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Re: Buying property in Canada - mortgage chains
How then is a Seller to deal with an anticipatory breach of contract by some previous 'buyer', if the matter is still in dispute? In a declining market, the Seller will have an obligation to take reasonable steps to reduce losses from the anticipatory breach, and may, for other reasons, need to realise the value of the property through sale to some third party, even with the anticipatory breach matter outstanding.
I would stop now if I was you, all you are managing to achieve is a perfect demonstration of the truth of the saying 'A little knowledge is a dangerous thing'.