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JSS Barristers has extensive experience in litigation relating to disputes involving real property and real estate transactions. Our practice extends from residential disputes to complex commercial real property litigation.
- Buying A Home A Lender Is Foreclosing on
- What Is A Foreclosure?
- What Is A Judicial Sale?
- The Difference Between A Foreclosure and A Judicial Sale
- Specific Risks of Buying A Foreclosure
- Is It Worth Buying A Foreclosure?
- Minimizing Your Risks of Buying A Foreclosure
- Legal Help with Buying A Foreclosure
People hear a lot about buying foreclosures. A lot of what they hear is US based. Some is Canadian based. Most people lack an awareness of the risks of buying a foreclosure in Alberta. As Kahane Law Office in Calgary includes both real estate lawyers and foreclosure lawyers, we often assist clients with foreclosure related matters. Most important, ...
Before understanding the risks of buying a foreclosure, understanding foreclosures is key. A foreclosure is when someone who borrowed money secured by a mortgage on real estate stops paying and the lender wants to realize their security. Essentially the lender applies to the court for an order transferring the security (the property) into the name ...
People frequently refer to a judicial sale as a foreclosure. There is a key difference. With a judicial sale, the court sells the property. The proceeds of the sale then pay off the loan (or as much of it as possible). The court attempts to secure a sale as close to fair market value as possible. The title to the property never transfers to the len...
When considering the risks of buying a foreclosure, the only key difference for a buyer is whom they purchase from. That said, the fact that in a judicial sale, the borrower retains a right of redemption. This means that they have the opportunity to bring the mortgage current and keep the house. This ends any ability to buy the property. As this po...
The contract used for selling a foreclosure generally excludes any representations or warranties. This means that the seller makes no promises about the property when you enter the contract, at the time of possession or any time after taking possession. The possible risks are limitless, however below are several regular risks encountered. For examp...
All buyers must determine for themselves the value of a property the want to buy. This means they determine what price is worth paying for what they actually get when they pay for it. In the United States, foreclosures sell for well below the fair market price. The reality in Canada is that many foreclosures sell for around fair market value. A pot...
The only way to reduce your risks of buying a foreclosure is to complete due diligence before entering into the contract. Alternatively, if the vendor allows it, add buyer conditions to both secure the ability to buy the property and have time to complete your due diligence. Often conditions are not permitted on offers to purchase a foreclosure or ...
Our team of real estate and foreclosure lawyers help when people buy foreclosures. We help explain the risks of buying a foreclosure. We also explain how to mitigate that risk. Always seek this information and advice before signing any contract to purchase such a property in Alberta. Connect today! Email your questions here directly. Also feel free...
Feb 8, 2024 · 2. Judicial vs. Power of Sale: Judicial Foreclosure: In Alberta, the most common method is judicial foreclosure, where the process is overseen by a court. This method ensures a fair and transparent process for both the borrower and the lender.
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Real Estate Litigation & Dispute Resolution. The complexity of real estate agreements and the amount of money involved can lead to disagreements about many issues. We’re skilled litigators with extensive trial and dispute resolution experience.
What Are Dower Rights. Today, dower rights protect the spouse of a registered owner of real property (a house on land). The Dower Act requires the spouse who is not on title to consent to any disposition of land. A disposition of land usually comes up as the sale or mortgaging of the property.
If one party to the relationship refuses to sell the home, or makes selling the home impossible by frustrating showings or agreeing to a fair sale price, the party wishing to sell the home may make an application for the forced sale of jointly owned property.
We’re experienced with all types of residential real estate disputes, including: Our Calgary real estate lawyers provide legal guidance in areas relating to commercial real estate, land development, condominium law, residential real estate and more.
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