Canada Law
Ask a Canada Law Question, Get an Answer ASAP!
Connect one-on-one with {0} who will answer your question
Answered in 10 minutes by:
7/6/2022
VerifiedGood morning. I am happy to help. Based on the information you provided, your parents are the owners and so when selling a property, they would need to sign an Agreement of Purchase and Sale. In many provinces, such as in Ontario, all transactions affecting real estate must be in writing (this is under a statute called Statute of Frauds). I would suggest that the transaction be converted into a formal Agreement of Purchase and Sale prepared by a real estate agent or a real estate lawyer. $5,000 down on a $305,000 property is a low deposit. Verbal agreements respecting the sale of property is not usually legally binding, unless it was subsequently reduced to writing. This is what the legislation provides in Ontario:
Statute of Frauds, R.S.O. 1990, CHAPTER S.19 Writing required to create certain estates or interests 1 (1) Every estate or interest of freehold and every uncertain interest of, in, to or out of any messuages, lands, tenements or hereditaments shall be made or created by a writing signed by the parties making or creating the same, or their agents thereunto lawfully authorized in writing, and, if not so made or created, has the force and effect of an estate at will only, and shall not be deemed or taken to have any other or greater force or effect.
Your parents can certainly ask for proof of finances the ability to actually pay the purchase price, usually by a letter from a mortgage company pre-approving a mortgage.Let me know if this answers your question.
I hope this helps and you are a good daughter for looking out for your parents,
Marc
How JustAnswer works
Describe your issueThe assistant will guide you
Chat 1:1 with a lawyerLicensed Experts are available 24/7
100% satisfaction guaranteeGet all the answers you need
Related Canada Law Questions
I am back with the house seller issue. The seller is telling
Hello, I am back with the house seller issue. The seller is telling me that the first buyer who had 78 hours to wave conditions to sell their house refuses to show proof because they are buying it wit… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
I am back with the house seller issue. The seller is telling
Hello, I am back with the house seller issue. The seller is telling me that the first buyer who had 78 hours to wave conditions to sell their house refuses to show proof because they are buying it wit… read more
MichaelH925
Associate Lawyer
Juris Doctor
656 satisfied customers
I have a purchase agreement and my broker has submitted a
I have a purchase agreement and my broker has submitted a loan application with the bank. However, last night after getting back the countersigned agreement, the seller gave me disturbing news.The day… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
My parents are selling their cottage to a sibling whose
My parents are selling their cottage to a sibling whose stated goal in buying is to keep the property in the family. The purchase offer price, which our parents accepted, is $150,000 less than current… read more
ToLawyer
Lawyer
J.D.
3,082 satisfied customers
In BC. I had an agreement in place to purchase commercial
In BC. I had an agreement in place to purchase commercial property. All buyers subjects were removed and deposits held by a real estate company. At 5 minutes to close the sellers said they had a bette… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
I had an excepted offer to purchase and later on the
I had an excepted offer to purchase and later on the property was sold for a lower price than my excepted offer (because originally the purchaser put a higher bid than me but bargained it down later c… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
I am selling a property privately. I have been made a verbal
I am selling a property privately . I have been made a verbal offer (less then my asking price) with conditions ... Home inspection and Financing. No paper work was arranged , given, or signed. I agre… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
I took a $2,000 deposit on our travel trailer and was given
I took a $2,000 deposit on our travel trailer and was given verbal confirmation that a couple would purchase our trailer and when they came to pick up the trailer they said it was not what they wanted… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
Thank you - and To Whom It May Concern, The following is
Thank you - and To Whom It May Concern, The following is from a letter which I sent to my Uncle. We received their response, stating that they (Uncle, Grandma) would not return our deposit. It's been … read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
I signed a purchase agreement on a vehicle last Thursday evening
I signed a purchase agreement on a vehicle last Thursday evening which was conditional on financing. On Saturday the 13th I called and they said I was approved. It was an impluse thing to do and now d… read more
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
Hi, We are selling a property and accepted a aconditional
Hi, We are selling a property and accepted a aconditional offer (inspection and financing). The buyer wants to reduxe the price now based on the statement that "We cheek for building evaluation; it's … read more
Jeremie John Martin
Lawyer
Quebec bar and LLB, LLM (attending)
1,300 satisfied customers
We are selling our house privately and have verbally accepted
We are selling our house privately and have verbally accepted an offer. After we accepted, we got a better offer. Is the first offer binding, being a verbal one, or can we get out of it. Nothing has b… read more
Copperlaw
Barrister and Solicitor
Law Degree
2,044 satisfied customers
when you leave a vehicle to sell on consignment with a dealer,
when you leave a vehicle to sell on consignment with a dealer, do you have any rights regarding the terms of the dealership's agreement with potential buyers?… read more
D.A.M.
Principal Attorney
Doctoral Degree
2,755 satisfied customers
My wife and I are looking at downsizing our family home and
My wife and I are looking at downsizing our family home and our daughter and her boyfriend are interested in purchasing our home when his home sells. The price of sale has been agreed to and we would … read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
Hi I posted an add on kijiji and received an email from a
Hi I posted an add on kijiji and received an email from a potential buyer saying that he was interested in purchasing my tv. I sent an email back saying that if he agreed to my price, he could come se… read more
Jeremie John Martin
Lawyer
Quebec bar and LLB, LLM (attending)
1,300 satisfied customers
In mid-April we put our Canadian boat for sale in Vermont asking
In mid-April we put our Canadian boat for sale in Vermont asking price $4500 US- 2 Americans made offers, one for the exact amount and another offered $500 more = $5000 US. So we verbally agreed to se… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
Im Canadian resident of the Province of Ontario Im looking
I'm Canadian resident of the Province of Ontario I'm looking for answers about a Civil Debt owed to me by by a person who offered me 5% of a the gross sale of piece of cottage if I could sell it for h… read more
Yossarian (user name)
Bachelor's Degree
957 satisfied customers
i am about to purchase a house in alberta canada. if for some
i am about to purchase a house in alberta canada. if for some reason during the course of the transaction my employer was to terminate me and in turn the financial institution that approves my mortgag… read more
Debra
Lawyer
Doctoral Degree
95,455 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
JustAnswer in the News:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
Your Expert confirmed everything that I had been told, and didn't want to believe. Thank you for putting my mind at rest.
Canada
This has been very helpful. I'm glad to see that lawyers and sites like this exist. Thanks for your help.
Halifax, NS
Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!
Edmond, OK
My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.
Redwood City, CA
I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.
Wichita, KS
PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.
Houston, TX
Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!
Atlanta, GA
< Previous | Next >
Meet the Experts:
LawyerProfessor
Lawyer
838 satisfied customers
Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
Debra
Lawyer
95,455 satisfied customers
Lawyer
Daniel Freudman
Lawyer
3,178 satisfied customers
Lawyer
ToLawyer
Lawyer
3,082 satisfied customers
Lawyer
JJL11
Lawyer
1,432 satisfied customers
Licensed to Practice law in Ontario for over 25 years.
Jeremie John Martin
Lawyer
1,300 satisfied customers
I'm a bilingual attorney for the province of Quebec who goes to Court often for many clients.
Counsel Creed
Lawyer
859 satisfied customers
associate at GTA law firm
< Previous | Next >
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
