would like to take your help on one of my legal issue here:


I bought a condo in canada on pre-sale (before the condo was built) on April 1 2005. I payed an 10% deposit for the condo on the pre-sale. The condo would be completed only by june this year. Now I dont want to have the condo, If am planning to get my deposit back is it possible?. The Builder says, its not possible for one to get his money back once its deposited. Is it true?

Please do let me know any information you might have on this.

Usually, all builder contracts are very well written (are iron clad) and are heavily in their favour. I recommend you to seek legal opinion of your contract by a lawyer to determine if there is any loophole in the contract. Otherwise, you are out of luck.

You could look at the option of selling your condo to recover your money...and maybe in the process make a few extra bucks (if it is right location).

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK