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.
You already own your house, but you have a need to move. Perhaps your family is growing and you need more space. Perhaps you have retired, and you need less space. Perhaps you were relocated for work. Now what do you do? Most people will hire a real estate agent to find another house. There are many people who believe, as do many agents who confirm to them, that buying and selling houses on the same day is an efficient way to complete a transaction. The lawyers at Merovitz Potechin LLP, disagree.
Commercial landlord and tenant relationships are defined by the commercial lease, as well as the Commercial Tenancies Act. Both the lease and the Act typically outline a number of possible remedies that landlords may draw on in the event of tenant default. Each has its own benefits, risks and rules.
The Residential Tenancies Act (the RTA) provides for a wide range of remedies for tenants when a landlord fails to comply with its responsibilities as established by the RTA. For example, landlords have a responsibility to maintain a residential dwelling in a good state of repair. If it is found that a landlord failed to meet this obligation, the tenant may be entitled to an abatement in rent, among other remedies.