A schedule A is an Addendum to a contract, that goes over the extra rules associated with a foreclosure. Each bank or mortgage company has its own schedule A, with details to protect them, but usually they say things like:
-we don’t guarantee that this house conforms to municipal land use bylaws.
-we don’t guarantee the condition of the home
-we are not going to provide you with a Real Property report
-It’s as is where is, we are not going to do anything to the house.
-We don’t guarantee that GST is included in the price
However, that does not stop you from getting a home inspection done, and checking with the city yourself that a property complies. Often, the bank that makes a decision on the sale of a foreclosure, knows little about the house other than what was defaulted on the mortgage. One person may be dealing with hundreds of files, so they will use the same contract and have many different things added to give them blanket protection.
If you are interested in foreclosures in Lethbridge, Alberta give me a call at 403-795-8783.