Posted by David Barnett on May 11, 2008 at 08:36:29:
In Reply to: Re: Any Canadians doing Lease Options/Subject tos? posted by wpage on May 10, 2008 at 05:12:45:
I'm not sure about civil code issues in Quebec but here in New Brunswick my lawyer tells me that they change title on properties all the time without informing the lender. Mostly these are divorces where one party is severed from title, but the bank doesn't find out. Also, in a lot of commercial deals if there are multiple partners and one or more buys another out then the lender is also not usually told.
My lawyer tells me that he doesn't have a problem doing deals without informing lenders because informing the lender is a contract obligation of the seller who arranged the financing and not of the buyer (me) although I have yet to do a subject to deal.
You need to find a lawyer who has been around for awhile, like since the early 80s when real estate markets were not so good. These lawyers are more familiar with 'creative' deals since they were necessary in those bad times.
As far as lease options go, people do them here. Just be careful that you have two agreements, a lease and an option to purchase.
Here in NB the only residential leases that are legal must be in the standard form as outlined in the Residential Tenancies Act (available from the office of the Rentalsman) I'm not sure where you are but check for things like this. In Quebec, I think the Regis de Logement has a standard form lease.
Dave
Moncton, NB
- Re: Any Canadians doing Lease Options/Subject tos? Katherine 21:32:04 05/11/08 (0)
- Re: Any Canadians doing Lease Options/Subject tos? Katherine 11:30:08 05/11/08 (0)