Real estate transactions represent some of the most significant financial investments individuals and families make. When a transaction breaks down or a property is threatened by lender enforcement, disputes over breached contracts, builder delays, and mortgage enforcement may require prompt legal advice to protect your interests.
Understanding your legal options before making decisions can help you protect your property and financial interests.
Defending Against Power of Sale and Foreclosure
Falling behind on mortgage payments can expose homeowners to enforcement by banks and private lenders. It is important to distinguish the remedies available to lenders:
- Power of sale: The lender sells the property to recover amounts owed. Notice requirements and redemption periods depend on the mortgage and applicable law; obtain advice promptly about your specific notice and deadlines.
- Foreclosure: A court proceeding through which a lender seeks ownership of the property. The consequences for title and equity can be significant.
If served with a notice of sale or a Statement of Claim, seek legal advice promptly. Depending on the facts and applicable law, counsel may assess lender charges, procedural compliance, negotiation options, and whether court relief is available. Relief is not automatic.
Breached Contracts and Builder Disputes
Buyers and sellers may face disputes over an Agreement of Purchase and Sale, including misrepresentation, alleged hidden defects, or a failure to close. Before attempting to terminate a transaction, assess your contractual rights and potential exposure to loss of a deposit or damages.
Pre-construction buyers may also face delays, extra charges, or cancellations. A review may involve the purchase agreement and applicable Tarion warranty and delayed-closing protections.
Can’t Close on a New-Build Home in Ontario?
Watch this Hashmi Law Group video about legal options when an Ontario new-build purchase cannot close. Obtain advice about your agreement and circumstances before deciding how to respond.
Learn more about our real estate and mortgage litigation services.
Discuss Your Real Estate Dispute
Hashmi Law Group has 17+ years of legal experience and assists clients in North York, Mississauga, the GTA, and across Ontario. Arrange a consultation to discuss your real estate or mortgage dispute.
Legal disclaimer: The information provided in this article is for educational purposes only and is not legal advice. Seek independent legal counsel for advice tailored to your circumstances before taking legal steps.
