If you read news or watch house-hunting TV shows, you may hear about people buying houses at a great deal, “fire sale” price because they bought a house in foreclosure. While home buyers in other jurisdictions may be able to snag homes at rock-bottom prices, the situation in Alberta is more complicated.
Don’t despair. There is assistance. The Land Titles Act was created to give borrowers a way out of mortgages registered for more than was advanced when you have asked the Bank/Lender to advance the further funds registered and they have refused.
Please click this link for full text of the recent decision of the B.C. Superme Court in Mao v. Liu(2017 BCSC 226) This case confirmed that a Purchaser of property from a Court Ordered sale has liability for withholding 25% of sales proceeds pending clearance from Revenue Canada where a Defendant is a non-Canadian resident.
Please see this link for the most recent decision from the Supreme Court of Canada on implied consent and the ability to provide information statements under PIPEDA. I will speak to this decision as it relates to Alberta only.