AshwaniG, correction needed...


the buyer needs a GOOD lawyer not a realtor to get legal issues sorted.

One doesn't need a real estate person to buy or sell ones property in Canada. But "caveat emptor" is the term that I would like to use here, a latin term meaning; "let the buyer beware".

Tin-tin, you can do anything that makes you feel comfortable in this situation. You should work closely with professionals who represent you and not the mortgagee/bank. You can get an offer drafted from a lawyer, if you are not using a Realtor. Just so you know, real estate brokerages are paid by the seller and not you (buyer).

Make sure that you don't over pay and get comparable prices of similar properties sold in the area. Normally, Realtors do this job for their clients.

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Having listed and sold a property under bank's power of sale (and shall be listing another soon in few days again), my own experience tells me that lots of people believe that Bank Sale (power of sale) properties are ALWAYS a "Good Deal". Nothing is farther from truth since Banks/Lending institutions have a legal obligation to attempt to recover mortgagor's equity in the property. Therefore the Bank will not accept an offer that covers just their loaned-out amount alone, unless the property has been on the market for reasonable period of time. Other factors that determine the acceptable price will be the current market value, the price paid at the time of purchase of the property, condition of the property and number of offers received by the lending institution. Banks usually hire Property management companies to take care of the property while it is under its sale, therefore its condition shall remain more or less the same at the time of possession as at the time of viewing for purchase.

It is incorrect to say that the Buyer cannot impose any conditions on their offer to purchase. A buyer has every right to include any condition he/she may deem necessary. However, the Bank (or its appointed lawyer negotiating the sale) will change/strike-off the conditions that adversly impacts them. Nevertheless, a bank will allow "mortgage" and "home inspection" conditions Power of Sales usually come with a Schedule to the Agreement of Purchase & sale of the property outlining the terms under which the property is being sold and are more like "take it or leave it". Most properties are sold on "As Is Basis". There are several obligations and restrictions imposed by the seller that may impact the sale. It is strongly recommended that you seek guidance of your lawyer before you go ahead with the purchase.

How can Realtor help you on Power of Sale? As a professional, he/she can look at the comparable sales in the neighbourhood for you. He/She can also prepare the offer with reasonable price and summation with the reasons to the Seller to get possibly lower price for the Buyer. He/She will also explain the clauses in the agreement and their consequences besides guiding you the right lawyer to make this purchase more beneficial to you.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK