Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: paris on May 10, 2017, 06:54:01 PM
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Not a tax sale. It's actually a real estate listing. In the legal description it says "subject to right of re-entry".
Something about that makes me uncomfortable. Can someone explain what it means? tia
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The right of reentry, also known as the power of termination, applies to a type of interest in land known as a fee simple subject to condition subsequent. The right of reentry means that the grantee must abide by the specified condition or the grantor, or the grantor's heirs, may reenter and take back the property.
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Thanks for that. Most of what I found dealt with landlord/tenant.
I still don't really know what it means. Is it possible the bank has taken the house and the owners still have the right to come up with the money they owe? I'm just looking for examples of what it could mean.
edit: Found it. There are 2 empty lots behind the house. When they build on those lots if they need some access to this property to do the build it has to be granted. An example was if they had to remove a section of fence to run service, they can do that and then they would remove the fence.
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In rural areas land for a church was often granted this way such that if the land was no longer being used as a church, the land reverted to the farm from which it was removed.
Thanks for that. Most of what I found dealt with landlord/tenant.
I still don't really know what it means. Is it possible the bank has taken the house and the owners still have the right to come up with the money they owe? I'm just looking for examples of what it could mean.
edit: Found it. There are 2 empty lots behind the house. When they build on those lots if they need some access to this property to do the build it has to be granted. An example was if they had to remove a section of fence to run service, they can do that and then they would remove the fence.
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In rural areas land for a church was often granted this way such that if the land was no longer being used as a church, the land reverted to the farm from which it was removed.
Thanks for that. Most of what I found dealt with landlord/tenant.
I still don't really know what it means. Is it possible the bank has taken the house and the owners still have the right to come up with the money they owe? I'm just looking for examples of what it could mean.
edit: Found it. There are 2 empty lots behind the house. When they build on those lots if they need some access to this property to do the build it has to be granted. An example was if they had to remove a section of fence to run service, they can do that and then they would remove the fence.
I am Mountainman.
Hit the road Jack
and don't you come back,
I know how Frank feels
'cause you scr%#ed me out of some deals.
For I am Mountainman.
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Thanks Jack. I knew about the church scenario, but it didn't apply to what I was looking at. Turned out it wasn't a good house anyway.
Mountainman, your comment here has nothing to do with my thread. Get your own thread.
Oh, I see you did. Payback is a bitch?