Court orders buyers to pay $470,000 for defaulting on home purchase deal
On April 6, 2018, a Superior Court held a couple, David Lea and Yixing Hu, accountable for reneging on a purchase of a multimillion-dollar home in Stouffville, Ontario. The judgment held that the couple must pay $470,000.00 for backing out of a real estate purchase where the value of the home dropped after the agreement of…
How much income do you need to pass Canada’s latest mortgage stress test? – April 2018
The following chart illustrates the amount of minimum household income required to purchase an average priced home in and around Canada in various markets under the new Canadian mortgage stress test rules. What is the mortgage stress test? How does it work? The Stress Test is a legal requirement that lenders assess whether…
Title Fraud – How to protect yourself
What is Title Fraud? Title fraud occurs when fraudsters, using fake ID (ID theft), obtain a mortgage on an unsuspecting homeowner and steal the money but the homeowner is left with a mortgage on their house that they could be forced to repay or else lose their home to the lender. This article and corresponding…
What happens when you die without a Will in Ontario?
This article briefly discusses the importance of having a will in place to avoid legal issues that can arise if you do not have a will at the time of your passing. THE CONSEQUENCES OF DYING WITHOUT A VALID WILL IN ONTARIO If you die without a valid will you are considered to have…