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Mediation as the Solution for Defaulted Real Estate Transactions (Ontario)
Mediation as the Solution for Defaulted Real Estate Transactions
The Spring GTA real estate market saw a sudden and unexpected increase in prices, followed by an equally abrupt and sudden decrease in prices. This meant that many Buyers couldn’t close their deals. The mortgages couldn’t be arranged for the prices they expected and this led to defaults.
There are several factors in play:
        Did they have to close?         Did they have the right to walk away from the deal?         Were they properly protected in the transaction?         Did they receive good and proper advice from their lawyers, mortgage brokers and real estate agents? Consequences:
        Do they lose their deposit?         Do they have to pay the Seller the differential in price (lost value)?         Do they have to pay real estate commissions?         Do they have to pay other costs and carrying charges to the Seller? Solutions:
Where does the Buyer go for advice? This is difficult. Everyone has their “canned” approach to resolving these sorts of issues. A lawyer might suggest litigation, but that’s expensive. Someone else might suggest just “chalking this up to experience” and moving on. Which approach is right? Is there somewhere in between?
MEDIATION
As a potential ... more

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