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What the ****
We bought or dream house last week signed all the paperwork with realtor and lawyer home inspection done furniture ordered, early move in date arranged for Sat 6th Dec.
On Friday afternoon we recived a phone call from or lawyer saying that the seller has a shortfall in there money and the title cant be released. Our options are give them until the 10th to get the money, Sue them or walk away. Really ****** off with the canadian system this should have been picked up right at the start, I start work on the 16th so need to be in a place real soon.:curse: |
Re: What the ****
Originally Posted by mutchg1
(Post 7045779)
We bought or dream house last week signed all the paperwork with realtor and lawyer home inspection done furniture ordered, early move in date arranged for Sat 6th Dec.
On Friday afternoon we recived a phone call from or lawyer saying that the seller has a shortfall in there money and the title cant be released. Our options are give them until the 10th to get the money, Sue them or walk away. Really ****** off with the canadian system this should have been picked up right at the start, I start work on the 16th so need to be in a place real soon.:curse: |
Re: What the ****
Originally Posted by mutchg1
(Post 7045779)
We bought or dream house last week signed all the paperwork with realtor and lawyer home inspection done furniture ordered, early move in date arranged for Sat 6th Dec.
On Friday afternoon we recived a phone call from or lawyer saying that the seller has a shortfall in there money and the title cant be released. Our options are give them until the 10th to get the money, Sue them or walk away. Really ****** off with the canadian system this should have been picked up right at the start, I start work on the 16th so need to be in a place real soon.:curse: |
Re: What the ****
Not sure I understand, why would the "seller" having a shortfall affect the sale?
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Re: What the ****
Our Bank will not release the funds when there is outstanding money on the property(they do not have enough to pay of there morgage as they have remorgaged the house).
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Re: What the ****
Originally Posted by Steve_P
(Post 7045800)
Not sure I understand, why would the "seller" having a shortfall affect the sale?
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Re: What the ****
Originally Posted by mutchg1
(Post 7045803)
Our Bank will not release the funds when there is outstanding money on the property(they do not have enough to pay of there morgage as they have remorgaged the house).
Originally Posted by Tangram
(Post 7045804)
The only thing that would make me think is a shortfall to settle the mortgage therefore the charge would not be released by the current lender ?
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Re: What the ****
Originally Posted by Steve_P
(Post 7045813)
Aahh OK makes sense. Thanks.
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Re: What the ****
Originally Posted by Tangram
(Post 7045816)
Are you stalking me ?????? :rofl:
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Re: What the ****
[QUOTE=mutchg1;7045779]
On Friday afternoon we recived a phone call from or lawyer saying that the seller has a shortfall in there money and the title cant be released. QUOTE] As a realtor in Alberta we have just been notified that they can happen. Someone sells their house for less than their mortgage. We are being told as selling agents to check that if this going to happen, advise the sellers to find a way to make up the mortgage. It is something that is going to happen a lot over the next few years! |
Re: What the ****
Reply to Helen :
So if this is the case and its going to be alllowed to happen are the buyers, ie us going to be covered for all the expenses we have already laid out before even moving into the property ?? for example $400 for a property inspection $1000 for lawyers fees, and we had given $15,000 to the realtor to show the sellers we were serious with our offer. I STILL cant understand why this was allowed to happen in the first place, surely the sellers of a property should know what they can except to pay off their mortgage in full. I know when we sold ours back in the uk we certainly did our sums correctly its not brain science. Can i also add that if you are telling me that this is going to happen over the next few years that the whole system of property buying should be immediatly reviewed and changed, or less and less people will be buying properties in the next few years !! |
Re: What the ****
Originally Posted by mutchg1
(Post 7046068)
Reply to Helen :
So if this is the case and its going to be alllowed to happen are the buyers, ie us going to be covered for all the expenses we have already laid out before even moving into the property ?? for example $400 for a property inspection $1000 for lawyers fees, and we had given $15,000 to the realtor to show the sellers we were serious with our offer. I STILL cant understand why this was allowed to happen in the first place, surely the sellers of a property should know what they can except to pay off their mortgage in full. I know when we sold ours back in the uk we certainly did our sums correctly its not brain science. Can i also add that if you are telling me that this is going to happen over the next few years that the whole system of property buying should be immediatly reviewed and changed, or less and less people will be buying properties in the next few years !! |
Re: What the ****
Originally Posted by flashman
(Post 7046426)
From what I understand your lawyer should have done the necessary research to ensure that your purchase was free and clear.
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Re: What the ****
Originally Posted by mutchg1
(Post 7046068)
Reply to Helen :
So if this is the case and its going to be alllowed to happen are the buyers, ie us going to be covered for all the expenses we have already laid out before even moving into the property ?? for example $400 for a property inspection $1000 for lawyers fees, and we had given $15,000 to the realtor to show the sellers we were serious with our offer. I STILL cant understand why this was allowed to happen in the first place, surely the sellers of a property should know what they can except to pay off their mortgage in full. I know when we sold ours back in the uk we certainly did our sums correctly its not brain science. Can i also add that if you are telling me that this is going to happen over the next few years that the whole system of property buying should be immediatly reviewed and changed, or less and less people will be buying properties in the next few years !! In a perfect world it shouldn't have happened. The sellers realtor should have advised the sellers to get it sorted prior to an offer coming in or immediately after an offer was accepted knowing the price was not going to cover the mortagage. Your deposit of $15000 should be held in trust and should be with a real estate office and if you are unable to buy the house due to the sellers mistake then you should get it all back. You should not have paid for a lawyer yet...you have no house so he has not done anything yet. As for your home inspection, you do have an issue with the sellers, sellers realtor and your own realtor, who were all able to advise you about the situation and if the deal collapses then you could for the money from someone. From your original post, you state the purchase date has been delayed. Which is a pain in butt and maybe there is some compensation to be had there from someone. |
Re: What the ****
When we were looking to buy a house one house was back on the market as the sale hadn't gone through because the buyers didnt have enough money. This didn't become clear until the day they were moving, everything was packed. I believe they are suing the supposed buyers.
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