Buying "As is, where is"
Mar 18th 2009 | 8:02 am
#17
Forum Regular
Joined: Aug 2007
Posts: 172
Re: Buying "As is, where is"
hmm, interesting thread. What if a Brit offered on a property & it was accepted & they say property de-valued due to credit crunch & Brit returned to U.K. without withdrawing from the sale??? Wander if that has happened? If an accepted offer is legal, how would the vendor stand? 
Mar 18th 2009 | 8:13 am
#18
Banned
Joined: Mar 2008
Posts: 1,252
From: Winnipeg
Re: Buying "As is, where is"
hmm, interesting thread. What if a Brit offered on a property & it was accepted & they say property de-valued due to credit crunch & Brit returned to U.K. without withdrawing from the sale??? Wander if that has happened? If an accepted offer is legal, how would the vendor stand?
Blue answer: Legally binding means contract signed sealed any small print (terms and conditions) become active
Green: who is they???
Orange: Nothing can stop the brit from leaving the country although without withdrawing from the sale come possesion date surely the property will be the brits as he has authorized the banks to proceed as well as lawyers and realtors...If this is the case and he fails to pay for the mortgage then the bank I assume will follow up with the buyer if no luck then they will surely take possesion of the said property and possibly a legal case held against said person...
Assuming i've followed the story right leaving the country and not paying your mortgage without telling anyone will be fraud??? Maybe some other crime
If you are still paying the mortgage then there is no criminal activity going on as you legally bought the property...
Mar 18th 2009 | 8:32 am
#21
Forum Regular
Joined: Aug 2007
Posts: 172
Re: Buying "As is, where is"
Red answer: Typically you will offer with a deposit...You would lose that deposit unless one of the clauses came into effect.
Blue answer: Legally binding means contract signed sealed any small print (terms and conditions) become active
Green: who is they???
Orange: Nothing can stop the brit from leaving the country although without withdrawing from the sale come possesion date surely the property will be the brits as he has authorized the banks to proceed as well as lawyers and realtors...If this is the case and he fails to pay for the mortgage then the bank I assume will follow up with the buyer if no luck then they will surely take possesion of the said property and possibly a legal case held against said person...
Assuming i've followed the story right leaving the country and not paying your mortgage without telling anyone will be fraud??? Maybe some other crime
If you are still paying the mortgage then there is no criminal activity going on as you legally bought the property...
Blue answer: Legally binding means contract signed sealed any small print (terms and conditions) become active
Green: who is they???
Orange: Nothing can stop the brit from leaving the country although without withdrawing from the sale come possesion date surely the property will be the brits as he has authorized the banks to proceed as well as lawyers and realtors...If this is the case and he fails to pay for the mortgage then the bank I assume will follow up with the buyer if no luck then they will surely take possesion of the said property and possibly a legal case held against said person...
Assuming i've followed the story right leaving the country and not paying your mortgage without telling anyone will be fraud??? Maybe some other crime
If you are still paying the mortgage then there is no criminal activity going on as you legally bought the property...
Mar 18th 2009 | 9:39 am
#23
BE Enthusiast
Joined: May 2007
Posts: 415
Re: Buying "As is, where is"
hi, we bought a house here in Canada we didnt have the 'as is' stuff..but when we moved in we were unaware that the pump from the well was broken along with the water heater..we knew there was no working furnace and that was in our contract and the seller paid us half to get a new one..we had no water the day after we moved in and for a few days after that..the realtor ended up paying nearly $2,000 for the repair and we have been left with $700..we dont know the in's and out's of the laws here and we have recently been told we shouldnt have to pay the outstanding $700 and we shouldnt have been moved into the property the way it was..everyone be careful when you buy property here as we werent given enough information and was just led along knowing nothing different about the laws etc here.
Mar 18th 2009 | 9:57 am
#24
Thread Starter
Joined: Oct 2007
Posts: 6,609
From: Ontario
Re: Buying "As is, where is"
hi, we bought a house here in Canada we didnt have the 'as is' stuff..but when we moved in we were unaware that the pump from the well was broken along with the water heater..we knew there was no working furnace and that was in our contract and the seller paid us half to get a new one..we had no water the day after we moved in and for a few days after that..the realtor ended up paying nearly $2,000 for the repair and we have been left with $700..we dont know the in's and out's of the laws here and we have recently been told we shouldnt have to pay the outstanding $700 and we shouldnt have been moved into the property the way it was..everyone be careful when you buy property here as we werent given enough information and was just led along knowing nothing different about the laws etc here.
Mar 18th 2009 | 10:17 am
#25
Banned
Joined: Mar 2008
Posts: 1,252
From: Winnipeg
Re: Buying "As is, where is"
That is part of our problem - a realtor who did not spend enough time explaining things to us, even though he knew we had never bought a house in Canada before and did not know the ins and outs of it all.
And it was a good thing I had Livermanl here to help me once I raised my concerns
And it was a good thing I had Livermanl here to help me once I raised my concerns
.
Mar 18th 2009 | 10:36 am
#27
RETIRED Realtor
Joined: Aug 2006
Posts: 2,087
From: Winnipeg, Manitoba
Re: Buying "As is, where is"
If you have a serious problem with a Realtor make a complaint to the local realty board.
WE are expected to both understand problems associated with houses and explain them to our clients, we are not house inspectors, but we should write the contracts correctly for our buyers so that most normal problems can be dealt with in the correct and legal ways.
Unlike the UK where Estate Agents only advertise a property, In Canada Realtors are supposed to be Professionals, and legally owe a duty of care to their clients.
I note in one of the examples above the Realtor ended up paying for the problem which is good, and shows willing to try and put the problem right.
A badly written contract (offer to purchase) is the responsibility of the Realtor that wrote it, lawyers here only administer the contracts and very rarely write them.
WE are expected to both understand problems associated with houses and explain them to our clients, we are not house inspectors, but we should write the contracts correctly for our buyers so that most normal problems can be dealt with in the correct and legal ways.
Unlike the UK where Estate Agents only advertise a property, In Canada Realtors are supposed to be Professionals, and legally owe a duty of care to their clients.
I note in one of the examples above the Realtor ended up paying for the problem which is good, and shows willing to try and put the problem right.
A badly written contract (offer to purchase) is the responsibility of the Realtor that wrote it, lawyers here only administer the contracts and very rarely write them.
Mar 18th 2009 | 10:39 am
#28
Thread Starter
Joined: Oct 2007
Posts: 6,609
From: Ontario
Re: Buying "As is, where is"
If you have a serious problem with a Realtor make a complaint to the local realty board.
WE are expected to both understand problems associated with houses and explain them to our clients, we are not house inspectors, but we should write the contracts correctly for our buyers so that most normal problems can be dealt with in the correct and legal ways.
Unlike the UK where Estate Agents only advertise a property, In Canada Realtors are supposed to be Professionals, and legally owe a duty of care to their clients.
I note in one of the examples above the Realtor ended up paying for the problem which is good, and shows willing to try and put the problem right.
A badly written contract (offer to purchase) is the responsibility of the Realtor that wrote it, lawyers here only administer the contracts and very rarely write them.
WE are expected to both understand problems associated with houses and explain them to our clients, we are not house inspectors, but we should write the contracts correctly for our buyers so that most normal problems can be dealt with in the correct and legal ways.
Unlike the UK where Estate Agents only advertise a property, In Canada Realtors are supposed to be Professionals, and legally owe a duty of care to their clients.
I note in one of the examples above the Realtor ended up paying for the problem which is good, and shows willing to try and put the problem right.
A badly written contract (offer to purchase) is the responsibility of the Realtor that wrote it, lawyers here only administer the contracts and very rarely write them.
Mar 18th 2009 | 10:45 am
#29
RETIRED Realtor
Joined: Aug 2006
Posts: 2,087
From: Winnipeg, Manitoba
Re: Buying "As is, where is"
I don't have a "serious" problem with him. Well not yet anyway. However, he did not explain things to us in the way he should have and a few things have popped up since we bought the place that he should have pointed out/explained to us. Also, paperwork was missing from the final set of documents - this was only found out after this problem with the septic tank arose.
Was the Realtor acting for You as your Buyers Agent or did you deal with the Sellers Agent.
