Steven Approached an Agent of Any Lands Brokerage Ltd

question 10

Essay

Steven approached an agent of Any Lands Brokerage Ltd., Johnson, for his assistance in finding a home to purchase. Steven explained that the maximum monthly payment he could make under a mortgage was $1,100 and he wanted Johnson to find him a home with a mortgage he could assume such that the payment would not exceed this sum. Johnson did not have listings that suited Steven's needs, and as he was aware that Steven did not know where to turn, he offered to search the Multiple Listing Service for a suitable property. Steven asked him to do so. Any Lands Brokerage Ltd. was a member of the local Multiple Listing Service and received the listing of cards for various properties that described their attributes, including the existing mortgages. Based on the information that was contained on the MLS cards, Johnson picked a house for Steven, which Steven later purchased. Johnson's attention had been drawn to this particular property as the listing card showed a mortgage which could be assumed at 8% with a monthly payment of $1,125 and a term that expired the next year. As matters turned out, the vendors were in receipt of a special mortgage rate and subsidy from the Canada Mortgage and Housing Corporation for as long as they occupied the premises and when the house was sold the mortgage rate would increase from 8% to 12 ¾%. A month after closing Steven discovered that the payment expected of him was, in fact, $1,600 per month rather than $1,100. Steven brought a suit against the agent, Johnson, and Any Lands Brokerage Ltd. for the difference of his payments for the remaining term of the mortgage. Discuss the issues raised in this case and the arguments upon which each party will rely.

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Definitions:

Mucous Membrane

A layer of epithelial cells that produce mucus, lining various cavities and tubes in the body to protect against infection.

Anterior Surface

The front or forward-facing surface of an organ, structure, or body, positioned toward the front of the body.

Tapetum Fibrosum

A layer of reflective tissue located in the eyes of some animals, contributing to their ability to see in low light conditions.

Night Vision

The ability to see in low-light conditions, often enhanced by the use of specialized equipment or the adaptation of the eyes to darkness.