I bought a house. Alberta. My possession is on march 20 but i got lay off last feb 18. Connect me

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Customer: hi
JA: Hello. How can I help?
Customer: i bought a house
JA: What state are you in? It matters because laws vary by location.
Customer: alberta
JA: What steps have you taken so far?
Customer: my possession is on march 20 but i got lay off last feb 18
JA: Anything else you want the Lawyer to know before I connect you?
Customer: please connect me
Answered by Debra in 1 hour 2 years ago
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Debra
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Customer
hi
Customer
i bought a house, and every documents was signed and conditions was moved. my possession of the house will be on march 20, but unfortunately i got lay off last feb 18. my question is can the seller sue me? or i need to pay for coompensation even though its not my fault?
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Debra, Expert

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Debra, Expert

I am sorry to hear this.

Yes the seller can sue you. The reason you don't want to close doesn't matter unfortunately. You are bound to buy the house. In fact once there is an offer and an acceptance of the offer you own the house.

So they can sue you to get an order compelling you to complete the contract and/or for damages.

At the same time the seller will have to try and sell the house again and if they do you will be off the hook. If they sell the house for less you will have to pay the difference.

Does that clarify the law?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Customer
But i didnt back out, theres a law prohibited the bank to lend money they said its section b, im willing to buy the house. I just got lay off. What should i do?
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Debra, Expert

But it doesn't matter what the law is.

The buyer doesn't care. They need you to buy their house and they may suffer damages as a result. So if they have to bridge finance because they bought another house you will be liable for all that interest as well.

Customer
Omg i didnt do anything i just got lay off. What should i do?
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Debra, Expert

You should speak to your real estate agent. Perhaps they want out. Find out what they will agree to.

Customer
Yeah i told her about it. What else do tou recommend? Im a victim too:(
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Debra, Expert

Perhaps trying to get a friend or family to help out?

Customer
I have a sister but she dont have full time job. She just came here in canada. What if theres no one can help?
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Debra, Expert

You will end up facing a lawsuit.

But you will get EI and you may find another job.

Customer
theres no way i can win the lawsuit? Its actually the bank back out from the deal. Because i got lay off
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Debra, Expert

There is no way you can win the lawsuit.

Customer
This is crazy what will happen if they win the lawsuit and i dont have money to pay? I will go to jail?
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Debra, Expert

No you won't.

They could seize your assets, garnish wages etc.

Customer
Id rather go back to my country:(, 100% they will file a lawsuit?
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Debra, Expert

If they suffer damages they will.

If they find another buyer right away you would be fine.

Customer
But they should show a proof of damages right if ever there is?
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Debra, Expert

Yes without a doubt.

Customer
It means of they bought a house ill be in big trouble and lost all my money?
Customer
I hope they not
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Debra, Expert

Yes if they cannot find a buyer.

Customer
What if my sister will find a full time job asap?
Customer
She leaves with me
Customer
My possession is on march 20
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Debra, Expert

Then she can agree to guarantee the mortgage.

Customer
My sister can help me?
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Debra, Expert

Yes for sure.

Customer
But the bank dont wanna lend money coz im on lay off, if i find a new job asap they can lend me money and the purchase will go through?
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Debra, Expert

Yes. That would work well.

Customer
Do our conversation limited? Do i need to pay for every questions? Just wondering
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Debra, Expert

No you are not charged for all these follow-up questions.

Customer
Are you familiar with the section b law the bank talking about?
Customer
That prohobited them to lend money coz im on lay off
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Debra, Expert

They cannot lend you money if you cannot make the mortgage payments.

But that doesn't help you with the buyer.

If you can show you can make the mortgage payments with your sister coming along with you that would work.

Customer
It means of im on ei and my sister got a full time job that will work? And shes a part owner right?
Customer
If
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Debra, Expert

You could agree to that. It could work.

Customer
How about my mom she have a job in the philippines and she makes lot of money, can she help me? For example can i include her?thou shes in the phil
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Debra, Expert

That won't work.

Customer
My sister works partime in concession, if we get certificate from her employer that will work?
Customer
She works there for 1 yr now
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Debra, Expert

Yes it could. It depends on what her income is.

I have to go to bed now but will check back in the morning.

Customer
Ok thank you.
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Debra, Expert

Is there anything more you need from me?

Customer
Im very down right now, me and my sister will meet the bank manager monday. If they sue me for sure i will lose everything:(
Customer
Debra where do you live?
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Debra, Expert

I am retired so I cannot help you aside from on this site unfortunately.

Please be sure to rate me before you leave the site so that I can receive credit for my work. But come back on Monday and let me know what happened.

Thanks and take good care.

Customer
How to rate you? I will give you high score
Customer
Is this your personal number?
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Debra, Expert

Please use the mobile app of JustAnswer, and log into your account to rate my answer, or use a desktop and go to justanswer.com. The rating cannot go in through text.

Thanks

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