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Paying penalties

Discussion in 'Buying & Selling a Home or Residence' started by jhayc4, Nov 7, 2019.

  1. jhayc4

    jhayc4 Law Topic Starter New Member

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    Hi, i just apply for a house mortgage, but in the last step get declined, were in a rush for the house possesion cause winter time is coming, so while waiting for the bank approval my realtor take care other documents, my question is, Do i need to pay penalties even i get declined?. thanks!..
     
  2. adjusterjack

    adjusterjack Super Moderator

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    Depends on your purchase contract. Did it have a financing contingency? Is someone telling you that you have to pay penalties?

    By the way, this site is devoted to US law. While Canadian law may have similarities there could also be lots of differences, especially in real estate contracts.

    You'd be wise to consult an attorney up there.
     
  3. jhayc4

    jhayc4 Law Topic Starter New Member

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    thanks!. i dont remember that i sign for that penalty, but my realtor told me that it is the law, especially when we already remove the house conditions, is this true?.
     
  4. jhayc4

    jhayc4 Law Topic Starter New Member

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    its just feel so bad on me cause i get declined and still i need to pay 5k for the penalties,
     
  5. adjusterjack

    adjusterjack Super Moderator

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    Where is your copy of the contract?

    Ask your realtor: "What statute number are you referring to? I want to look it up."

    Never believe anything a realtor tells you without verifying it.

    Again, read your contract. If you don't understand it, take it to a lawyer.
     
  6. jhayc4

    jhayc4 Law Topic Starter New Member

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    do you mean the residential contract of purchase and sale
     
  7. jhayc4

    jhayc4 Law Topic Starter New Member

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    Screenshot_20191106-234039_OneDrive.jpg
     

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  8. flyingron

    flyingron Well-Known Member

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    CANADA is outside the realm of this forum.
     
  9. adjusterjack

    adjusterjack Super Moderator

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    Yes.

    But I'm not going to read it or analyze it.

    For $5000 it's worth an hour or two with a lawyer.
     

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