Re:Canada bans most foreigners from buying homes
by smnrchrds on Monday January 02, 2023 @06:40PM
(#34225345)
Do you not think that the post sufficiently addressed this criticism? For example this point:
> "What about mortgage fraud/brampton mortgages, won't they simply do fraud like they've been doing?"
> - Interestingly, this legislation allows for an order forcing the house to be sold immediately. Unlike a fraudulent "Brampton mortgage", which creates a debt the person is likely to successfully pay and keep quiet about the fraud - this legislation creates a situation where the bank and its agents would lose out, so they have no incentive to help. Real Estate Agents similarly risk their commission being clawed back, loss of license, etc. In point of fact, if you sell a house to someone you could then report that person and walk away with the money, and refuse to pay closing costs to your real estate agent. It creates a one-sided unpredictable legal risk for which the realtor, banker, lawyer, all risk not being able to bill or recover money. It's a waste of their time.
> "What about mortgage fraud/brampton mortgages, won't they simply do fraud like they've been doing?"
> - Interestingly, this legislation allows for an order forcing the house to be sold immediately. Unlike a fraudulent "Brampton mortgage", which creates a debt the person is likely to successfully pay and keep quiet about the fraud - this legislation creates a situation where the bank and its agents would lose out, so they have no incentive to help. Real Estate Agents similarly risk their commission being clawed back, loss of license, etc. In point of fact, if you sell a house to someone you could then report that person and walk away with the money, and refuse to pay closing costs to your real estate agent. It creates a one-sided unpredictable legal risk for which the realtor, banker, lawyer, all risk not being able to bill or recover money. It's a waste of their time.