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Jan 1, 2021 · Make sure you’re educated when it comes to court ordered sales – you have to be able to submit a subject free offer and accept the property in any state upon Possession. Contact me (778-387-7371 or kristi@realestatevancity.ca) for more information. FAQ. court ordered sales, foreclosures.
- An Unfortunate Circumstance
- Foreclosure Proceedings Begin and The Court Orders A Judicial Sale
- Judicial Sale Due to Divorce
In uncertain economic times, things can go from bad to worse for Albertans who lose their jobs, and they may stop making mortgage payments, and end up losing their home. In such an uncertain ownership situation, who sells the home? Who works for whom? Is a signed seller representation agreement required? Likewise, when a couple divorces and one spo...
In a judicial sale, a property for which a lender provided mortgage funds is in foreclosure and wants it sold to recover their investment. They do not technically own the home but they can still force the sale, which makes such a sale different from a traditional seller client relationship. Plaintiffs and Defendants In a judicial sale, the lender i...
The Dower Act gives a legally married couple equal rights to dispose of the matrimonial home, regardless if only one party is on title. When legally married couples divorce, the Matrimonial Property Act(MPA) comes into play, as divorcing couples may disagree on the division of joint assets, including real property. When couples cannot agree on a di...
Properties acquired through the Court Ordered sale process are perhaps the best examples of “buyer beware” in our real estate marketplace. Like all investments, though, there is a relationship between risk and reward. For an informed purchaser, the reward in getting a great deal on a prime property can often far outweigh the risk.
- Buyer or Buyer's agent will present an offer to the REALTOR® representing the Seller (Bank or Finance company), the Seller's REALTOR® will negotiate on behalf of the Seller just like on a typical Real Estate Listing (at this point the Buyer can have Subjects on the offer such as financing, inspection report, etc)
- After the Buyer has done their due diligence and removes all the Subjects (making the offer unconditional) a court date will be booked (typically 2-3 weeks)
- Once the court date is scheduled, the local Real Estate offices are made aware of the date.
- On the court date the Buyers or REALTOR® representing the Buyers must have an unconditional Contract of Purchase and Sale (no subjects), a deposit (bank draft) for the amount which the Seller has requested, and a signed copy of the Schedule 'A' (a disclosure written by the Seller typically making the Buyer aware that they warranty nothing about the property and it is to be sold 'as is, where is' )THE MOST TYPICALLY MISUNDERSTOOD part of the process is what happens at court
1) Demand Letter. The demand letter is the first step in the foreclosure proceeding. It is made on all of the owners of the property, all of the people who are named in the mortgage and the guarantor if there is one. 2) Petition. To start a foreclosure action, a formal application is made, in writing, to the court requesting judicial action.
2 days ago · Open House on Saturday, November 16, 2024 11:00AM - 1:00PM by appointment only. Court Order Sale, 6 bedrooms,3 bedroom rental suite, newly updated, double garage plus driveway parking. Great location call today to view Showing Saturday November 16 from 11 to 1 by appointment only.
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Aug 17, 2022 · Title, however, is the legal way of saying you have property ownership. The title (or property title) is not a document, but a concept that says you have the rights to use that property. So when ...
