https://www.cbc.ca/news/canada/british-columbia/bc-family-evicted-1.6947614

So here's a story of a family that got evicted wrongfully and was awarded 27K as per the residential tenancy act.

Now, usually when we see this headline, its usually because of some sort of unethical action to have the tenants removed.  However, this wasn't the case. 

The property the family lived in was a townhouse in surrey that went up for sale.  The person looking to buy the home wanted to buy the property for their own personal use and they made a no subject offer on the property.  

After they handed in their deposit, they also gave a notice to vacate to the tenants as the new owners would be using it as their new home.  

However, when completion came around, they weren't able to complete as they're mortgage got rejected in the 11th hour.  At this time, the tenants have already moved out of the property. 
 

Although tenants said they were happy they were awarded the compensation as the RTB stated, this is a very unfortunate situation for the buyer as well as they lost their deposit as well. 

Keep in mind that this deal was done in April in 2022, the whole interest rate freight train didn't exist yet.  However, this situation can help buyers moving forward. This whole interest rate rapid increase is unchartered territory for a lot of mortgage specialists, even experienced ones, so waiving a financing clause is total risky waters if you require a mortgage at this time frame. 

Also, remember that your prequalification is one of many steps to getting your mortgage approved, so its best not to use your prequalification as a levergage tactic to waive your financing clause. 

richmond realtor
richmond real estate
richmond townhomes
richmond homes for sale
richmond condos for sale
steveston homes for sale
steveston townhomes for sale
ironwood homes for sale
ironwood townhomes for sale