Posted on: 24-07-06 10:44:58
Hello to all,
I have been reading a post where buyer withdraws conditional offer after house did not pass the conditions and he gets his deposit back. What are the liabilities with the seller if he decides to withdraw from the market last moment? The buyer, which is myself, have made all my planning around it. The closing date is August 1. We changed addresses everywhere (credit card, banks, insurance, OHIP, License etc). Requested the move of phone/cable/internet. Accumulated down payment and got the certified cheque for the lawyers trust. Booked the moving co. Now we have to reverse all this, with some financial loss. Any suggestions how to go about this?
Thanks in advance…
Quote:
Originally posted by Ranin
I have been reading a post where buyer withdraws conditional offer after house did not pass the conditions and he gets his deposit back. What are the liabilities with the seller if he decides to withdraw from the market last moment?
Seller cannot back out at the last minute. Once the deal has firmed up the parties must complete the contract. If the Seller backs out and deal does not close on the date seen in the contract then there can be a lot of legal problems. Please consult you real estate lawyer ASAP.
Good luck,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
As pointed out by Amit, seller is asking for a lot of trouble if he backs out.
If I were the seller I would not like to do that, even under advice from my lawyer.
At this moment my lawyer tells me to wait. Looks like there is some problem between selling party agent and house owner. He is hoping that they will sort it out. Looks like the selling party agent cajoled owners into accepting lower offer. Right now the property prices are on an average 5-10 K more than what I offered and they agreed to. My lawyer tells me that I don’t have much to worry about at this time as there are 7 days left before closing day.
Hi Ranin,
You are fine. As your lawyer says they will sort it out. Congratulations for earning 10K even before closing. By looks of it, this should work out.
Ranin,
The closing for your house is tomorrow. I hope every thing has been sorted out amicably. However, will you please up date?
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Best of Luck.
