Owning a condo unit is different than owning a detached house. Certain privileges that house-owners enjoy can differ in a condo because of the shared living areas and shared expenses. Instead of having a private backyard, you may share a common outdoor terrace. Instead of talking loudly with a friend on the porch of your house, you may have to keep noise to a minimum in certain shared areas in a condo.
Despite many people claiming to be aware of the importance of proper estate planning, nearly half of Canadian adults report not having estate planning documents in place. Ontario adults who die without the appropriate wills and other important documents lined up will have their assets and liabilities disseminated according to provincial law. This lack of planning is known to cause tension within families, so it is a good idea for people to consider the implications of procrastinating on or neglecting this important task.
Occasionally homeowners are unable to maintain the mortgage on a property. When this happens, I am often called upon by lenders to help. I am being retained by the lender to recover the funds that were borrowed, plus interest and costs. There is nothing nefarious about it. Most lenders give the homeowner ample opportunity through non-legal processes to get back into good standing. However, for a variety of reasons, the homeowner is unable to put the mortgage back into good standing. I will then issue a Notice of Sale to warn the owner that if the default is not cured, the property will be sold. When the warning period expires, I will then list the property for sale to others in order to recover the debt. You may be looking at purchasing a house from a lender who is selling the house using the authority granted to them under the power of sale provisions of the Mortgages Act.