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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.
- 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...
BC & AB Real Estate: We serve the City of Calgary and southern Alberta AND British Columbia. From our central location we serve a vast array of clients throughout the City of Calgary, the Province of Alberta and the Province of British Columbia.
Jun 11, 2018 · As of June 15, 2018, there is a ban on dual agency in B.C. However, there is a narrow exemption for licensees to practice dual agency if all three of the following requirements are met: the real estate is in a remote location; the location of the real estate is under-served by licensees;
McLeod Law has 12 Calgary real estate lawyers highly experienced in the areas of selling and buying property, co-ownership agreements, refinancing, transfers of titles and more.
The homes below have been listed on the MLS® system by their real estate agents as “court sales”, or "bank/financial institution-owned" or "foreclosure". Sometimes these Calgary properties are a great deal, but other times they can pose more risk than normal.
People also ask
What is a dual agency in Alberta?
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Apr 22, 2020 · Contact Osuji & Smith Calgary Real Estate Lawyers at realestate@osujismith.ca. Calgary’s residential housing market is a thriving business in Alberta. Hence, it is imperative that the transfer of property and other real estate transactions be done with due diligence.
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