The Agreement of Purchase and Sale has been signed. The sale price, conditions, closing date and deposit amount have all been agreed to. You perhaps have already purchased another home and are counting on the sale proceeds to help finance your new property. For many people the sale of their house or condo is the largest transaction they will ever make. Thus, when suddenly the buyer won’t close, your life is put on hold and your future plans are threatened.
Buyers may try and back out of the purchase for a number of reasons:
- The buyer’s financing for the property has fallen through and they don’t have the funds to close
- The real estate market has taken a downturn and the buyer now feels they have paid too much and wants to back out
- The buyer claims that there is a problem with the property that was not previously disclosed or has not been remedied
- The buyer alleges that the property was conditional and that the conditions were not fulfilled
Whatever excuse the buyer provides for refusing to close, you may have a right to keep the deposit and also bring a lawsuit against the buyer for damages. If the buyer won’t close call real estate litigator Mark Yazdani for a free and confidential consultation regarding your case. 416-630-8880.