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Answered in 15 minutes by:
8/22/2009
VerifiedI don't understand something.
Are you saying that the broker guaranteed you the mortgage? I assume you have to witnesses is that correct?
Also, when was the conference call and when did you find out you could not get the financing?
Has the realtor explained all the ramifications to you, aside from not getting the deposit back?
Are you saying that the broker guaranteed you the mortgage? I assume you have to witnesses is that correct?
Also, when was the conference call and when did you find out you could not get the financing?
Has the realtor explained all the ramifications to you, aside from not getting the deposit back?
OK
First, this even goes beyond the deposit. The vendor can sue you for the full contract. You bought the place and if you don't close they can sue you. They will have to try and resell the place but if they cannot you would be on the hook for the full amount. If they sell at a lower price you will be on the hook for the difference.
If the mortgage broker doesn't repair this you will need to sue him and his employer. IF the vendor sues you, you will join him in the claim and sue him that way.
For now, what would make the most sense is for you to immediately retain a lawyer as I would assume the mortgage broker and his company will take this even more seriously when a lawyer is involved.
What you can do to find a lawyer is one of the following things.
You can contact the Law Society and use their Lawyer Referral Service. You will be given the names of a lawyer and can consult with the lawyer and the first half hour will be free.
Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:
http://www.lexpert.ca/Directory/DirectoryContent/FindLawyersOrFirm.aspx
I hope that helps as a starting point.
Please click accept so that I can receive credit for providing you with this information.
First, this even goes beyond the deposit. The vendor can sue you for the full contract. You bought the place and if you don't close they can sue you. They will have to try and resell the place but if they cannot you would be on the hook for the full amount. If they sell at a lower price you will be on the hook for the difference.
If the mortgage broker doesn't repair this you will need to sue him and his employer. IF the vendor sues you, you will join him in the claim and sue him that way.
For now, what would make the most sense is for you to immediately retain a lawyer as I would assume the mortgage broker and his company will take this even more seriously when a lawyer is involved.
What you can do to find a lawyer is one of the following things.
You can contact the Law Society and use their Lawyer Referral Service. You will be given the names of a lawyer and can consult with the lawyer and the first half hour will be free.
Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:
http://www.lexpert.ca/Directory/DirectoryContent/FindLawyersOrFirm.aspx
I hope that helps as a starting point.
Please click accept so that I can receive credit for providing you with this information.
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