Real Estate Foreclosure transactions, in British Columbia, are a complex area, where unforeseen hurdles can cause serious problems for the Real Estate Agent and the Public.
Foreclosure transactions are quite different from regular real estate transactions, and it’s important to appreciate the differences to avoid common mistakes.
The starting point is that foreclosure transactions are ultimately subject to court approval. The first offer accepted by a seller/lender doesn’t automatically mean that this buyer will get the property. The approval process encompasses an overarching supervisory role of the courts in relation to the transaction, which in general is handled by a master of the court.
In many cases, the party that has the conduct of sale in the foreclosure requires that many of the standard clauses in a Contract of Purchase and Sale be amended. The amended clauses are generally contained in a Schedule to the contract.