Posted by John Merchant on December 11, 2006 at 23:22:06:
Here in the USA the bank (we/us) holds the title and and the Buyer/borrower gets the registration until loan is paid in full and released…then the B gets the cleared title, not before.
I suspect it’s the identical system in all CAN provinces and I’d not release the title until note and all taxes were paid in full.
any CANADIANS doing lonnie deals? - Posted by fergus f
Posted by fergus f on December 05, 2006 at 15:03:47:
I am doing Lonnie deals in BC Canada.
The way I set it up is on a conditional sales contract where the buyer gets title AFTER the last payment has been made.
I was just wondering if anyone here in Canada does these deals using a different method ( ie/giving title right away), and if so, how hard is it to get the title back if they buyer stop paying the mortgage?
any info will be greatly appreciated.
THANKS
Fergus F