Foreclosure

Foreclosure and Residential Tenants #448

Legally Speaking

Licensees often wonder whether during foreclosure proceedings the borrower can rent the property to a residential tenant so the tenancy survives the foreclosure. Generally speaking, the answer in British Columbia is “no”. The recent decision in First National Financial GP Corp. v. Sirotka, illustrates why.1 In 2009, the lender began foreclosure proceedings which the borrowers did

Commissions #113

Legally Speaking

By Gerry Neely B.A. LL.B There are occasions when a licencee agrees reluctantly to pay part of a purchaser’s costs out of the licencee’s commission, to make a deal between a cash-short purchaser and the vendor. Since this helps the vendor, the licencee might well think that the licencee’s decision to help the purchaser is

Bank Foreclosure – Customer Rights; CMHC Guarantee – Negligence #114

Legally Speaking

By Gerry Neely B.A. LL.B Financial institutions often demonstrate a casual if not contemptuous disregard for requests for pay-out statements or delivery of an executed discharge of a mortgage. While they are quick to demand payment where default occurs, or interest if payment is delayed, they are not as quick to provide statements or discharges.

Commissions – Listing Agreements for Court Ordered Sales #82

Legally Speaking

By Gerry NeelyB.A. LL.B. A recent decision in an action which is likely to go on for some time involves an owner of a foreclosed property that was sold by Court Order, who has sued the lawyer who was advising him throughout the foreclosure proceedings. The basis of the action is that the lawyer consented

Foreclosure – Defence of Vendor/Mortgagor Against Deficiency Claim #72

Legally Speaking

By Gerry NeelyB.A. LL.B. The Real Estate Council has recently advised licensees of the desirability of advising a vendor of the vendor’s continuing liability to a mortgage lender under a mortgage granted by the vendor on property that is then sold to another person who agrees to assume the mortgage payments. The decrease in property

Damages in Lieu of Commission #62

Legally Speaking

By Gerry NeelyB.A. LL.B. The advantages of a listing agreement which fully describes the basis upon which a commission is earned and the obligations of the owner toward the listing agent, in order to support a claim for commission or for damages in lieu of commission, are illustrated by the facts of the following case.

Special Circumstances for Listing Agents’ Commission #22

Legally Speaking

By Gerry NeelyB.A. LL.B. Since the subject of this column, which was requested by the Legislative Committee of BCREA, is one which raises more questions than it answers, it would be appropriate to start it by saying, “HELP WANTED – a reference to the report of a decision of a British Columbia Court which might