Paying penalties

[jhayc4]

Jurisdiction

Saskatchewan

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!..

 

[adjusterjack]

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.

 

[jhayc4]

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!..

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.

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?.

 

[jhayc4]

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?.

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

 

[adjusterjack]

!. i dont remember that i sign for that penalty,

Where is your copy of the contract?

my realtor told me that it is the law

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.

when we already remove the house conditions, is this true?.

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

 

[jhayc4]

do you mean the residential contract of purchase and sale

 

[jhayc4]

do you mean the residential contract of purchase and sale

 

[flyingron]

CANADA is outside the realm of this forum.

 

[adjusterjack]

do you mean the residential contract of purchase and sale

Yes.

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

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