Flipping out in Canada - Posted by Tim V.

Real Estate Investing
#1

Posted by The Donald on June 23, 2000 at 04:19:20:

To CYA you probably should add the assignability clause - although, as you know, if there’s a VTB involved, the courts in Canada have ruled that because a lender has the right to choose his debtor, you can’t assign such a contract having a VTB without the lender’s - in this case the Vendor’s - explicit consent.

Otherwise, that contract IS assignable - but CYA and add the clause - and you’ll keep everyone happy, I suppose - if they accept it :slight_smile:

Do you use the standard forms in these parts from the Realtor - I suppose you’d have to for the Power of Sale properties - or create your own variations?

I find resistance from Realtors - and Solicitors - when using “non-standard” form - e.g. non- TREB, OREA or REBOC forms - in Ontario. You?

Prefer L/Os - couldn’t be bothered with T&T anymore, as I’d rather have a low to no maintenance situation (at least for me - not my T/B’s :slight_smile:

#2

Flipping out in Canada - Posted by Tim V.

Posted by Tim V. on February 18, 2000 at 15:10:35:

A good day to you all!
I live and play in southern Ontario. I am trying to buy a power of sale property. Almost for sure that I will not be allowed to assign the contract. Can I advertise it for sale before my closing date? Does anyone in Ontario want to buy a fourplex (used as 8) grossing approx. $3200/mo for $210000 no money down?
When trying to flip a property with owner financing, is it better to use an assignable contract or have an option contract?
When trying a lease-op, what contracts are used and how are they written up? To be specific what clauses are used in the contracts to create the lease-op?
I am a newbie. Started last fall and have only made one deal. A power of sale making $500/mo with about $25000 in equity but it is tied up until summer.
Thank-you all for any input.
To Terry and J.P. Vaughan, Thank-you!! for an excellent and informative website. It is the only reason I got online at all.

#3

Re: Flipping out in Canada - Posted by The Donald

Posted by The Donald on June 21, 2000 at 23:03:48:

The contract can be assigned if (and only if) there is no clause prohibiting it, and there is no VTB in the contract. So pray tell - what’s your plan of action?

#4

Re: Flipping out in Canada - Posted by Tim

Posted by Tim on June 23, 2000 at 24:23:38:

I have to disagree. Add a clause stating that the contract IS assignable and that all other clauses about assignability are “void”. I forget the wording. Same for the VTB. My action? Lately bought a couple of Triplexs power of sale. Do the paint plaster sell routine. Always on the lookout for deals and make my offers. And you?