Additional Parties on an Agreement

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Question:

Is there ever a downside to accepting additional parties as part of an Agreement? I’m talking about extra Buyers. I know that sometimes they are needed in order to qualify for a mortgage. But, is there ever anything to worry about?

Answer:

Really, you don’t want to overlook the fact that some extra people may simply be a nightmare. They could be on the verge of bankruptcy. Do you know how much more time and money your lawsuit is going to cost with the Trustee in Bankruptcy?

And, what about someone that lacks capacity? Do you want their Committee or Trustee, added? Do you know how much more costly a lawsuit will be with the Public Guardian and Trustee or the Children’s lawyer?

What about the out of country corporate entity? Service is going to cost you a small fortune.

Don’t simply agree to add people. It’s not the “more the merrier”. The deadbeat defendant will be laughing all the way to the bank. This “move” could be strategic!

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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