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

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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[@RonArgentina]

One of the winners here is the lawyers

[@rightersbloc]

lol. they always win

[@MM-my3pc]

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

[@wildandliving1925]

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

[@MM-my3pc]

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]

@@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.

[@tanweerahmed6861]

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

[@derek04151]

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

[@philisdaman99]

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]

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…

[@JSCimmo]

typical for sale by owner

[@oldschool1993]

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.

[@WMcSnickets-xw5om]

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.

[@Macky1101]

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

[@stevietalk1]

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

[@mikedunsmuir9392]

Lol absolutely not true

[@mikemontagne2703]

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]

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]

@@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.

[@andg5194]

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

[@leonardmccannon3136]

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]

@@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]

@@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]

@@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]

​@@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.

[@user-yz9dz4iw4s]

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

[@nicoles2289]

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

[@kellyhou9594]

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.

[@A__SB]

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

[@speedyfeint]

that's how we roll in vancouver.

[@A__SB]

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

[@speedyfeint]

@@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]

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

[@danidiaz2377]

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

[@ophelia_III]

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

[@robertl.6919]

So never help or accomodate anyone in the future.

[@reisschancellor9753]

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.

[@kyungshim6483]

The world is full of interesting cases.

[@jefftaylor844]

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.

[@Mr.Wonderfull]

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

[@Butterfly-rd4je]

Give them their money if u want the house😮

[@phoreal22]

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

[@imarura]

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

[@minimaxmiaandme.4971]

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.

[@HelnoIaint]

$4 million for that dump lol

[@nwre]

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

[@trevoradams8675]

Vancouver blows lol

[@tothelighthouse9843]

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.

[@rayl7225]

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

[@travispolson6156]

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

[@That-Guy-79]

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

[@Richardparent879]

Stupid rich people problems who cares!!

[@secondghost]

Why is this news?

[@ShotBySolo]

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

[@lcg5790]

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

[@jefftaylor844]

Your question is a very good one.

[@dylanbishop1940]

Awful

[@heartborne123]

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

[@stevietalk1]

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.

[@LivPoxleitner]

whats this hold back?

[@markstevens1729]

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

[@alexg9727]

*tiny violin playing*

[@casadelsolboutiquebedbreakfast]

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

[@DUDE72341]

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

[@tabooz0331]

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

[@svc2461]

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

[@JSCimmo]

Let me guess, for sale by owner ? No one represented ? Where are the realtors ? At least if they do a fu** up they would have insurance and clients can go against for the amount of dmg.

[@1meetup]

Things become more costly once trust is gone.

[@speedyfeint]

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

[@RC-wt7fr]

The sellers should be deported and backcharged with interest.

[@ricoh634]

Shameless government doesnt nothing for us, so wack

[@SolidDuke77]

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

[@alexg9727]

*tiny violin plays*

[@mrdieselsir]

Sellers on some scam tactics

[@bcatbb2896]

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

[@adamtajhassam9188]

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

[@newlife956]

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.

[@tee5818]

boycott the realtor and lawyer MASAO MORINAGA

[@alexg9727]

Masao Morinaga looks like a really good scammer

[@whatdoyouwantfromme1029]

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

[@RaisedxFist]

This will be the new normal (soon).

[@drumswest5035]

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]

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

[@elijahmendoza1917]

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!

[@trevoradams8675]

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

[@gjswilson]

😂 CTV, always concerned about struggling millionaires

[@sktoh4469]

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

[@charlenelohnes4698]

Who freakin cares sic of all this bull 💩

[@MakeMineaDouble]

4 million for that piece of sht? Bahhahaha

[@parkerbohnn]

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

[@1topbaron559]

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

[@checory]

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

[@MrWallace484]

Eat the rich

[@richardrogers7479]

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

[@sktoh4469]

Vancouver property prices are sky high.

[@Don-ex5ih]

We have more bigger news than this Unsubscribing this channel

[@butwhytharum]

im not even subscribed.

[@pacman3556]

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]

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]

@@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]

@@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]

@@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]

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

[@johngreene7276]

100,000 is 100,000. Enjoy

[@user-ug7hx6lr3b]

$50 the seller is Asian

[@sktoh4469]

Both the sellers and buyers are comrades from mainland China. 😱

[@paulquon4495]

It is not that smart to rent out a house that costs $3.9 million dollars 😮🫣.,