Hi David, this may be out of your realm but I'll offer it up anyway..
We had a VERBAL agreement to purchase a home in Ontario. The sellers gave us
a VERBAL extension on the purchase agreement (we're US citizens and wanted
the agreement reviewed by a real estate expert here in the states). Then
they dropped the bomb on us right after the deadline that they sold to
someone else. Do we have any type of recourse or are we basically out in the
cold since everything was a verbal agreement? We are not Canadian citizens
so that probably won't help either...
thank you
david ingram replies:
To enforce a real estate deal in Canada, the general consensus is that the
sale or gift or transfer has to be in writing. However, my wife just won a
verbal gift of a piece of real estate with the payment of about $23,000 in
legal fees.
But, if you had a verbal deal, what were you getting looked at by the US
real estate expert? I would never give you an opinion on a verbal real
estate deal in another country if I did not know the laws there.
However, in my opinion if you have a witness to the deal (maybe a realtor)
who knows that the deal and the extension were granted, you can likely sue
the vendor. If you have no witnesses OR you missed the extension deadline,
you have no recourse because you would have no recourse if the deal was in
writing.
And before the lawyers give me hell for giving out real estate law advice, I
am a graduate of Urban Land Economics at UBC and was a real estate broker
agent nominee for years. I was licenced most of the time from Nov 1965 to
August 2004 and participated in over 3,000 real estate deals all together
and a lot of them were verbal till the final papers were signed.
I have seen a LOT of verbal deals enforced over the years. DO I RECOMMEND
THEM???? Not for a second. But, sometimes, like buying a car, the parties
just like discussing the whole thing before anything happens.
And, if a lawyer wants to comment, I will pass his or her comments on with
credit. (I KNOW) they will come down on top of me.
Answers to this and other similar questions can be obtained free on Air
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