$4M home in Vancouver at centre of bitter legal battle

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$4M home in Vancouver at centre of bitter legal battle

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Күн бұрын

A $4 million home in Vancouver is at the centre of a bitter legal battle, highlighting the risks of unconventional agreements.
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Пікірлер: 156

@MM-my3pc 2 ай бұрын

What a bunch of greed sellers … they got good money leave …. I dont agree with the previous comment about the « poor rich people » … whatever they paid it was hard earned cash. The sellers and their real estate agent are gross dishonest and are hiding behind loopholes in the law - totally gross greedy people and their real estate agent - Karma will come to them

@wildandliving 2 ай бұрын

If you listen apparently there is a 100k deposit that hasn't been paid back so... it's complicated

@MM-my3pc 2 ай бұрын

I understand it was to be given when they leave maybe the buyers saw red flags. I’ve purchased properties and sold and always vacated at the close date.

@bcatbb2896 2 ай бұрын

@@MM-my3pc issue is the buyer ghosted the seller when they asked for the money. broke the trust and now neither party trusts each other to hold their end of the deal. such a mess with a messy agreement.

@RonArgentina 2 ай бұрын

One of the winners here is the lawyers

@rightersbloc 2 ай бұрын

lol. they always win

@user-yz9dz4iw4s 2 ай бұрын

Very dishonest sellers. Shame shame shame. How can they say that they did move out because “they were not given proper legal notice”. They are crooks. This is a new low for Canadian ethics

@glenw-xm5zf Ай бұрын

I can only guess where the sellers were born. Not here

@tanweerahmed6861 2 ай бұрын

Both lawyers agree that you must have a lawyer, every one is concerned about their own money only

@cao6496 Ай бұрын

do not feel comfortable when some people suffer and he just laughs.

@WMcSnickets-xw5om 2 ай бұрын

Allow drug dealers to launder 100's of billions and this is what you get, a $4,000,000 house in a middle class area. A house that would cost maybe $400,000 anywhere else in North America.

@jasongill5390 Ай бұрын

400,000 not in Santa Monica

@derek04151 2 ай бұрын

Negotiate a price based on September possession and done. No rental. That was a dumb agreement.

@philisdaman99 2 ай бұрын

Date of possession is not the same thing as the sale completion date and the buyer could lose their deposit and potentially be liable for the difference in sale price should they be unable to complete the purchase if they could not re-qualify for financing. These "existing owner becomes a fixed-term tenant" deals are somewhat common because of this fact for sales that can't complete within 90 or 120 days. The sellers have likely become "professional tenants" here.

@berniecelee5062 2 ай бұрын

What a nightmare ! Keep things simple …close date at 60 to 90 days. No rent back to owner….that just complicates everything. Even if you had lawyers involved. Keep the transaction CLEAN. Too many dishonourable people out there…

@bl1707 Ай бұрын

Vendor's lawyer is playing legal games.

@glenw-xm5zf Ай бұрын

he talks through his teeth

@andg5194 2 ай бұрын

What is with $100K deposit that new owner is not willing to give back? too much missing context...

@leonardmccannon3136 2 ай бұрын

The point was that the money was meant to be held until the sellers left the property. That’s their leverage to ensure they leave. Instead the sellers paid no rent as was agreed upon for the temporary stay they requested, and thereafter unilaterally insisted the buyer deduct the rent agreed upon from the deposit - thus violating the terms of the deal. The new owners have zero guarantees that these people would leave if they pay the deposit since they don’t honour deals they sign. So, they refused to give the deposit until they leave - as was agreed to in writing.

@747Cone 2 ай бұрын

@@leonardmccannon3136 So why was it set aside on appeal. What was the judges view? That they should pay the $100K and then they'd have the right to evict them at that point?

@philisdaman99 2 ай бұрын

@@747Cone because the current argument is that the sellers are now defined as "tenants" and are protected by the rights they have at the RTB not to be evicted without a review. Essentially this went from a contract-law case to an RTB case (different jurisdiction) and since BC is one of the most heavily tenant-sided jurisdictions in North America, the buyers will unfortunately need to wait a long time to go through that process and essentially start over. The sellers clearly know the laws and are trying to take advantage of them over doing the "right" thing by the terms of the sale contract.

@747Cone 2 ай бұрын

@@philisdaman99 Ok but I'm trying to understand what the terms of the 100K holdback is? The tenants/sellers are saying they'll move out once the 100K is released. Was it a term of the contract for the 100K to be released?

@philisdaman99 2 ай бұрын

@@747Cone Can't be 100% sure but in a real estate transaction this type of holdback is usually for something like unforeseen damages that were not apparent upon showing that might be discovered during the buyers' final walkthrough upon taking possession or damage to the property that might occur between the sale and the closing. Obviously, taking possession never happened here so if these were the terms that's why the deposit would never have been released.

@kellyhou9594 2 ай бұрын

This arrangement is not uncommon. My friend did this. They were planning to build a new home, they were tied down on money so they sold their home and ask the buyer to honor them one year of lease. This is often written into the condition of the purchase order.

@ophelia_III 2 ай бұрын

You can tell which commentators aren’t from Vancouver, they can’t get over the price of the house.

@nicoles2289 2 ай бұрын

What’s the point of lawyers if even they can’t do anything to help?

@Macky1101 2 ай бұрын

It seems like everyone in BC are billionaires. Everyone just buys multi million dollar homes without a care in the world.

@stevietalk1 2 ай бұрын

You are making a judgement that the new owners are billionaires ..

@mikedunsmuir9392 2 ай бұрын

Lol absolutely not true

@mikemontagne2703 2 ай бұрын

It's the $ame in Auckland, New Zealand, my Canadian married to an Australian (living there for some time), sister inlaw. Just bought a 1970's ish 4 bedrooms, ×2 1/2 bath for 1.8 $ Million N.Z. ... Prior to that, they paid over $4K per month, with like the U.K. rent due weekly....

@patrickt49 2 ай бұрын

No. But BC is known to be a hot bed for CCP officials. And those from HK have equity from their properties over there same with some people from Taiwan.

@JEdwarrd 2 ай бұрын

@@patrickt49 All levels of gov should have stepped into BC 20 years ago when it was clear that money laundering was a huge part of GDP. Every level of gov fail, both liberal and conservative parties watched this all unfold. This is not a new issue, but it's being sold as a new issue.

@HelnoIaint 2 ай бұрын

$4 million for that dump lol

@nwre 2 ай бұрын

FR lol. The couple was from Penticton. They could've bought 3 new-builts of similar size for that kind of money

@trevoradams8675 2 ай бұрын

Vancouver blows lol

@A__SB 2 ай бұрын

4 million for that piece of mud and brick? Must be a joke!

@speedyfeint 2 ай бұрын

that's how we roll in vancouver.

@A__SB 2 ай бұрын

@speedyfeint Yeah, you certainly are, rolling in the deep. Deep debt hole, that is.

@speedyfeint 2 ай бұрын

@@A__SB yeah but the reality is; more than 50% of detached houses in vancouver are mortgage free.. i guess we have incredible amount of multi-millionares in this city.. which means all younger generations that don't have rich parents are pretty much f'ed.

@drumswest5035 2 ай бұрын

Dont worry because Justin and Eby say they will sort it out

@danidiaz2377 2 ай бұрын

Chinese tucked up the market so it’s a horrible place to live now

@kyungshim6483 2 ай бұрын

The world is full of interesting cases.

@oldschool1993 2 ай бұрын

Canada offered citizenship to Hong Kong Chinese before 1997 and they flooded the area and drove prices out of sight until Canadians could no longer afford to live there.

@jefftaylor844 2 ай бұрын

This report is incomplete as it doesn't contain information regarding the actual reason why the court went against the Tenancy Branch of BC decision that sided with the new owners.

@cao6496 Ай бұрын

left side wins?

@Butterfly-rd4je 2 ай бұрын

Give them their money if u want the house😮

@lcg5790 2 ай бұрын

On what basis did the judge reverse the Board's decision?

@jefftaylor844 2 ай бұрын

Your question is a very good one.

@tothelighthouse9843 2 ай бұрын

No good deed goes unpunished. Sad how the seller made an agreement they now don't believe they have to honour. Don't ever put yourself in a position of having to ask someone to return YOUR money to you.

@phoreal22 2 ай бұрын

Dont you need a lawyer to sell the house, what happened to those lawyers, did they just ignore the agreement of the sale?

@imarura 2 ай бұрын

That part is on transfer of the titles The lawyer they are referring to is non straight forward case of the hold back for tenancy agreement that happened post sales

@svc2461 2 ай бұрын

Remove one zero from 4 mill. That's what it's worth.

@Mr.Wonderfull 2 ай бұрын

there will never be any agreement when there are two stubborn parties.

@reisschancellor9753 2 ай бұрын

Buyer, cancel it. Not worth it. For this price, you can pay for a luxurious, full service retirement home for the rest of your life.

@glenw-xm5zf Ай бұрын

Go to North nanaimo, parksville, Courtenay. Comox.White Rock. Vancouver has turned into one huge overpriced slum.. and run by lefty parasites who love power

@lorpis8284 Ай бұрын

How is this even a thing? Looks like a game made by lawyers for lawyers. Morally, all that's needed is some hired muscle paid for by a portion of that 100K for reneging on the deal.

@minimaxmiaandme.4971 2 ай бұрын

Don't do anything out of the ordinary....in today's world, it always causes problems. There are indecent people who will look for loopholes and push all the envelopes......the sellers are to blame....leave the house you sold. Greedy, greedy, greedy.

@robertl.6919 2 ай бұрын

So never help or accomodate anyone in the future.

@cao6496 Ай бұрын

new comers bring their culture to change Canada into "something good"?

@robertl.6919 Ай бұрын

@@cao6496 Who built and made Canada good in the first place ?

@cao6496 Ай бұрын

@@robertl.6919 no doubt those great leaders of Canada like John A. McDonald. Some new comers bring in bad culture and make Canada a mess now!?! I dare not say so directly. Not political correctness. You know?

@lifesabeach8133 Ай бұрын

$100,000 hold back, based on an average rent for $5000 p/mo of rent for a property such as this, which gives the sellers 20 months of pre-paid rent that the buyers are holding onto. Since the deal closed, as landlord and tenant, the landlord is entitled to hold onto 1 month rent as a damage deposit. The remainder of the hold back should have been reimbursed upon signing of the lease agreement. It's simple math and normal tenancy regulations. If you don't know how to be a landlord, you should not have entered into a landlord/tenancy relationship. As usual the realtors are not helpful in any of this or they would've advised their clients to refrain from signing such an agreement, that goes for both sides.

@generousbitcoinbillionaire Ай бұрын

They're not landlords. They are the buyers. Omg...what freaks

@ShotBySolo 2 ай бұрын

Ok, but why do you keep including the audio from the drone flying? Just mute it while you’ve got a voiceover going on.

@travispolson6156 2 ай бұрын

Oh, poor, rich people . On both sides . 😢 how will they survive .

@Balyente 3 күн бұрын

I know its the move is to be closer to family but damn...Penticton to Vancouver...LOL.

@duelenigma7732 Ай бұрын

Squatters are in breach .

@secondghost 2 ай бұрын

Why is this news?

@Richardparent879 2 ай бұрын

Stupid rich people problems who cares!!

@dylanbishop1940 2 ай бұрын

Awful

@rayl7225 2 ай бұрын

The buyer did a favour for the seller and got burned. Only in Canada.

@DUDE72341 2 ай бұрын

Got the cake, ate it..stepped up for more! 👀

@mrdieselsir 2 ай бұрын

Sellers on some scam tactics

@bcatbb2896 2 ай бұрын

No, you clearly didn’t listen to the full piece because both sides didn’t keep their promise

@BrendanPNW Ай бұрын

They are squatters plain and simple. Video doesn't explain why the judge sided with the squatters so I can only assume the judge is incompetent at best.

@speedyfeint 2 ай бұрын

lawyers should be the first ones to be replaced by AI.

@adamtajhassam9188 2 ай бұрын

MORE LIKE A LEGAL JOKE. Does Ruins of Canada mean anything to you?

@Blockchainer999 Ай бұрын

Do the legal notice and deduct rent from damage deposit. Case closed. Not a big deal unless one of them does not want this to go through and wants problems! Old babies, they have money but still did not learn anything from life. Rich fools.

@LivPoxleitner 2 ай бұрын

whats this hold back?

@gjswilson 2 ай бұрын

😂 CTV, always concerned about struggling millionaires

@sktoh4469 2 ай бұрын

They are often promoting leftwing woke ideas but do they take breaks once in a while.

@markstevens1729 2 ай бұрын

Answer to all “cushy” side deals is “Thanks, but no.”

@casadelsolboutiquebedbreakfast 2 ай бұрын

Never ever trust no one...Stay in your Bubble !

@cdnsilverdaddy 2 күн бұрын

only lawyers win

@That-Guy-79 2 ай бұрын

Put the 100 grand in escrow with a lawyer. Then have the renters leave. Ta da. Fixed.

@trevoradams8675 2 ай бұрын

Some advice don’t buy a house in that god forsaken city lol.

@heartborne123 2 ай бұрын

it's ridiculous $4m for such a house, it's not even on the beach

@stevietalk1 2 ай бұрын

It’s in Vancouver, & on the West side .. remember - the city of Vancouver is relatively small ( not ‘greater Van, just city of Van.) so home prices are very high.

@alexg9727 2 ай бұрын

*tiny violin playing*

@1meetup 2 ай бұрын

Things become more costly once trust is gone.

@tabooz0331 2 ай бұрын

Both of them are rich people. It is not for us to worry about.

@whatdoyouwantfromme1029 2 ай бұрын

Money the Root of all the Evil in the world 🙏😑👎🏻

@RC-wt7fr 2 ай бұрын

The sellers should be deported and backcharged with interest.

@cao6496 Ай бұрын

Sassy seller and greedy buyer? who knows? who will care?

@richardrogers7479 2 ай бұрын

Who in their right mind would pay $4 mil for that place, what a joke!

@sktoh4469 2 ай бұрын

Vancouver property prices are sky high.

@SolidDuke77 2 ай бұрын

Poor rich people, really breaks my heart to hear how they have to suffer.

@alexg9727 2 ай бұрын

*tiny violin plays*

@cartoons981 Ай бұрын

money never ending desires to accumulate toys . abandoned castles , arent lessons enough

@elijahmendoza1917 2 ай бұрын

Why sell and then rent? why not make a background check on the sellers. there must be a motivation why they are doing this. crying for 100k? when they sold the house for 3.9M? come on!

@ricoh634 2 ай бұрын

Shameless government doesnt nothing for us, so wack

@newlife956 2 ай бұрын

The so-called 'asset' or 'investment' class should not take up air-time with their squabbles over huge amounts of money...that the working class cannot even hope to attain......while pumping-up a bubble that disadvantages and hurts the working poor. NOT INTERESTED AT ALL.

@charlenelohnes4698 2 ай бұрын

Who freakin cares sic of all this bull 💩

@tee5818 2 ай бұрын

boycott the realtor and lawyer MASAO MORINAGA

@RaisedxFist 2 ай бұрын

This will be the new normal (soon).

@MakeMineaDouble 2 ай бұрын

4 million for that piece of sht? Bahhahaha

@drumswest5035 2 ай бұрын

They are squatters, never get into a situation like this. The owners should move in with the squatters and see how how long they stick around.

@bcatbb2896 2 ай бұрын

Bro that’s not what’s happening here It’s both sides not keeping their promise so both sides are wrong and right

@alexg9727 2 ай бұрын

Masao Morinaga looks like a really good scammer

@MrWallace484 2 ай бұрын

Eat the rich

@parkerbohnn 2 ай бұрын

The buyer is probably an 18 year old foreign student from China.

@1topbaron559 2 ай бұрын

Did you not listen. It's a retired couple that are the buyers.

@checory 2 ай бұрын

it's a retired couple from Penticton. but at least we found the racist

@pacman3556 2 ай бұрын

1:28-- your clients are squatting. They sold their house and had a clear agreement to leave the premises by end of Sept. They didn't leave or continue to pay rent beyond Sept therefore they are squatters. Instead of defending them you should be telling them to get the fu$ck out.

@bcatbb2896 2 ай бұрын

The buyer didn’t release 100k for them to leave as agreed upon in the initial agreement Both sides frankly didn’t do as they agreed hence the mess

@pacman3556 2 ай бұрын

@@bcatbb2896 not releasing money does not give someone to live in a place without paying rent. That is what the court system is for. They stayed in the house without paying....they are squatting.

@bcatbb2896 2 ай бұрын

@@pacman3556 thats up to the court to decide, not you or I. this thing is honestly just a mess to begin with, no trust at all. they never shouldve done such a agreement if they never believed the other side would honor their agreement. or atleast hash it out in plain letters on the contract

@pacman3556 2 ай бұрын

@@bcatbb2896 yes the courts can decide however by definition if you live in a house without paying rent then they are squatters. Don't need a court to decide that. It is clearly defined.

@bcatbb2896 2 ай бұрын

@@pacman3556 um, thats not how it works bro. i get where youre coming from, but the world doesnt work that way