So, I have a few questions concerning the process once the Matrimonial home is sold. Both parties had agreed to it and both parties have agreed to the final price. One party has been staying in the house for a year and was paying the mortgage and utilities. They were both paying house insurance.
If after everything has been paid from the proceed of the sale (realtor's commission, lawyer's fees, mortgage penalty, other legal fees) what happens if there is not enough to cover the amount of principal that was paid by the party who remained in the house for a year. The party who was not staying in the house obviously will not get any funds from the sale but for example what is the net profit is $3000 and the party who stayed in the house paid down $5000 in principal... is the other party who did not reside in the house responsible to pay the difference to the person who did? Or since the party who was residing in the house accepted the final offer ( a reduction of $10,000 because of septic tank issues) then that party will only get what ever is available?
Also, last questions, in Ontario... when referring to a previous court case, is it only Ontario Cases that are valid or, if a case from the Supreme court of nova scotia ruled a certain way, can it be used as a reference even if it's in a different province?
If after everything has been paid from the proceed of the sale (realtor's commission, lawyer's fees, mortgage penalty, other legal fees) what happens if there is not enough to cover the amount of principal that was paid by the party who remained in the house for a year. The party who was not staying in the house obviously will not get any funds from the sale but for example what is the net profit is $3000 and the party who stayed in the house paid down $5000 in principal... is the other party who did not reside in the house responsible to pay the difference to the person who did? Or since the party who was residing in the house accepted the final offer ( a reduction of $10,000 because of septic tank issues) then that party will only get what ever is available?
Also, last questions, in Ontario... when referring to a previous court case, is it only Ontario Cases that are valid or, if a case from the Supreme court of nova scotia ruled a certain way, can it be used as a reference even if it's in a different province?
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