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
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