Marci Deane talks with Tony Spagnuolo, a real estate Lawyer.
Tony Spagnuolo is a Lawyer with Spagnuolo & Company. Tony graduated from Simon Fraser University in 1985 with a double major in Business Administration and Economics, and from the University of Victoria law school in 1988. He has been a member of the Law Society of British Columbia since 1989.
Marci and Tony talk about subject free offers, why it’s important to have paperwork, and why it’s important to have a plan B.
- [04:00] From a legal point of view, what are the challenges with a subject free offer?
- The bank can decline funding for any reason.
- Structural problems can appear after the deal is done.
- Often times a lender is looking for paper work up front.
- [06:40] Lenders do read condo minutes, depreciation reports, and AGM minutes.
- [08:55] Going after a seller for a grievance after the deal can be a hard expensive process.
- [10:00] What tips would you give a first time home buyer who wanted to put in a cash offer?
- Get the Realtor who explains all the risks.
- [11:30] Always have a plan B.