What facts are important on an improvident sale motion with regard to undeveloped land?
Because undeveloped land does not necessarily lend itself to ordinary real estate appraisal, the Saskatchewan Queen’s Bench determined that, the mortgagee-in-possession having obtained a sale-date appraisal (which took into account the obstacles to full commercial use of the parcel) was to be preferred to the mortgagor’s commercial use appraisal which did not value the land as is where-is. (upheld on appeal)
F.M.I. Developments Ltd. v. 1269917 Alberta Ltd., [2011] S.J. No. 390
