The condo, I didn't pay the sale price from my son. Toronto. No step so far. My son avoids me and won't meet me, so I'm

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Customer: the condo, I didn't pay the sale price from my son.
JA: What province are you in? It matters because laws vary by location.
Customer: Toronto
JA: What steps have you taken so far?
Customer: No step so far
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: My son avoids me and won't meet me, so I'm going to call 911
Answered by Joey in 5 mins 1 year ago
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Joey
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Joey, Expert

Hi and thank you for using JustAnswer.  My name is ***** ***** I will be assisting you with your question.

Just a general disclaimer that this conversation is for informational purposes only. I am licensed Canadian lawyer; however, you would need to retain a lawyer to take any legal action and/or preserve any of your legal rights. I may be away from my desk from time to time, but rest assured I will always return back as soon as possible.

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Joey, Expert

Good afternoon  –  can you please tell me the brief facts of your issue and your legal question?

Customer
I explained everything .please I would like to answer how i can do
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Joey, Expert

All I have here is "the condo, I didn't pay the sale price from my son." I'm not entirely sure what that means. Can you please clarify?

Customer
I bought a condo in my son's name. My son lived in the condo for 2 years. After selling it, he paid off the mortgage and paid the attorney's fees, and then ran away with the rest of the money.
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Joey, Expert

Sorry to hear. Did you have a written agreement that he was to return this money to you after it was sold?

Customer
I want just one time answering
Customer
No
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Joey, Expert

In a situation like this, you will need to retain a lawyer and sue him for the return of your money. This will be difficult given you have no written agreement. Here is a link for the Ontario lawyer referral service to help you find a lawyer so you can start the legal process right away: https://lsrs.lso.ca/lsrs/welcome

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Joey, Expert

Does that help answer your question today?

Customer
thank you
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Joey, Expert

Thank you for using JustAnswer. I wish you the best of luck. If you have any follow up questions about this matter, please do not hesitate to reach out to me.

Customer
Hi I'd like to explain again this issue.
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Joey, Expert

Please go ahead.

Customer
In 2016, I bought two condominiums with my two son's name as a long-term investment for my family. I placed the following conditions on my two sons without agreement just verbally
1. Both brothers agree to pay monthly interest to their parents at 11% interest on the $100,000 deposit paid by their parents.
2. The two brothers agree to pay about $30,000 for closing cost.
3. Both brothers agree to allocate equally based on the remaining profits from the smaller of the two condos.
4. The two brothers pay their mortgage, tax and utilities for their own units instead of rent
5. The two brothers agree to sell the condo within a year and a half to two years after moving in.
Customer
In conclusion, starting with the first deposit and ending with the sale of their respective properties, the two brothers have to pay interest monthly. But
The eldest son never paid interest from start to finish
Customer
The second son paid interest to his parents from the time of the first deposit.
After paying several times, starting from the moment you move in
He paid no interest until you sell the property for 2 years and half
Customer
The second son paid interest to his parents from the time of the first deposit.
After paying several times, starting from the moment he move in
He paid no interest until he sell the property.
Customer
January of this year was the time of sale.
The current situation is that after the second passed the realtor exam at the beginning of this year, after registering, he said that he would sell his house in his name out of greed for commissions. It is a situation in which they pay 175,000 to their parents and do not give the rest of the money over 200,000 dollars.
Customer
After the sale was completed, He sold the real estate at $775,000 and repaid about 390,000 dollars as mortgage
Customer
There is evidence of payment to the builder from the parent's account
Customer
One question is, can't parents live in a house in the name of the eldest?
Customer
The two brothers put their wife's name together when closing. The eldest has not sold her house yet and lives with her wife.
Customer
The second question is, if I go ahead with the lawsuit, is it better to do it before selling the house or after it is sold?
Customer
For the third question, I would like to know roughly the cost of litigation and the time required.
Customer
Lastly, I would like to know how to proceed if I get my money back even if I file a lawsuit. What is the probability of getting my money back?
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Joey, Expert

If the homes are in their names, then it legally remains their property absent a court order to the contrary. You would have no legal right to live in a home which you are neither an owner or tenant.

If they breached an oral agreement, you would have two years from the date of the breach in which to file a claim. If it’s any longer than that, you’re claim could be statute barred meaning the court will dismiss it regardless of the merits.

If you are looking to make a claim against the property, it should be done as soon as possible given the length of time. A civil litigation lawyer can charge anywhere from $150-$400/hour in the GTA. There likely will be a retainer of $2,500 - $10,000 up front. If you are successful, you could claim some of your legal fees. On the other hand, if you lose, you likely would need to pay your son a portion of his legal fees.

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Joey, Expert

If the matter is opposed at court, it could take 1-3 years to obtain a trial date. Court and legal costs will likely be in the range of $15,000 to $40,000.

Customer
You said two years from the date of the breach. So, what is the date of the breach in the current situation?
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Joey, Expert

2 years from when he was supposed to pay you. If it was a "demand loan" meaning there was no date when it was to be paid, then 2 years from when you made the first demand of payment.

Customer
They were supposed to pay interest every month.So both of them are over 2 years.
Customer
45236;가 수할수없나요
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Joey, Expert

I would suggest retaining a lawyer and filing the legal claim now before it's too late. Here is a link for the Ontario lawyer referral service to help you find a lawyer so you can start the legal process right away: https://lsrs.lso.ca/lsrs/welcome

Customer
Then I can't sue.
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Joey, Expert

I suggest retaining a lawyer now and filing the claim. Do not wait any further.

Customer
I understand, but does that mean that it is possible to file the legal claim in this situation? And if you say you can sue, can you recover 100% of the remaining receivables?
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Joey, Expert

If successful, you can recover everything.

Customer
One son still lives in the condo. He has not sold the condo, but I want to know if it is possible to file the legal claim now or if it is better to cash out after selling his condoAfter he sells the condo, is it better for me to sue or what condition is better?
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Joey, Expert

File the claim now.

Customer
I have questions.
Even though they broke the promise we made in our oral agreement they insist that The condo is in their name.They claim it's theirs because they paid the mortgage and lived there for two years.The son who paid interest several times told his mother that it was difficult for him to keep paying interest.The mother, seeing pity for her son, told him to stop paying interest. SoThey say they must keep the promises they make to them.
Customer
Ignoring their obligations to pay interest and closing costs, they claim that the remaining profits after deducting the mortgage and interest costs and the principal paid by parents in the condo are theirs.
Customer
As for claiming these children, What are my odds of winning?
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Joey, Expert

It would depend what was agreed to regarding the ownership interest of this property. If this strictly a loan to them, then you would retain any gain or loss. If the purpose of this transaction was to provide them with the ownership, then they would benefit from any gain or loss on the property.

Customer
Can you explain me more details?
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Joey, Expert

Was this a loan you made to them or was it your intention to always retain ownership of the property?

Customer
It is a loan that receives interest from them. It's the ownership that tells them to pay the closing costs.
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Joey, Expert

It this entire transaction was simply a loan and they were to retain ownership, then any profit or loss would rest with them and not you.

If the transaction was designed that you would remain the beneficial owner and they were only paying you some rent money, then you would receive any gain or loss.

Customer
Okay then,Will I have to pay government taxes when it's mine and not theirs?
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Joey, Expert

If the court deems you as the owner then you would be responsible for all taxes owing.

Customer
Ok .Thank you.
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Joey, Expert

You're welcome.

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