Comments on: Buyer on the hook for $366k in damages after failing to close

By: Karen Riscinto

Karen Riscinto — Thu, 28 Nov 2024 18:18:53 +0000

First, this is located in Canada. Secondly, financing is part of the due dilligence. Here if you can’t get financing you dont close, but it depends on your due dilligence period as to when you back out if you get your deposit back.

By: Jeff Miller

Jeff Miller — Mon, 25 Nov 2024 21:04:09 +0000

Yes there was a sales agreement. But the characterization of “falling market” – late 2022 to 2023 appears bizarre – the math inference is a 23% drop – where was this? And on the contrary, one hears of rising Canadian market. And compare the time frame to 2008/2009 meltdown from sub-prime domino impact. What was the “professional” feedback on market conditions? Need to re-examine the Ps and Qs

By: KUMAR SRISKANDA

KUMAR SRISKANDA — Fri, 22 Nov 2024 19:07:11 +0000

In reply to Igor Tsemokh. This is normally the error of the real estate agents who fail to advise the buyers of risk in advance. They only want the deal is confirmed and their commissions!

By: Wes Jamison

Wes Jamison — Fri, 22 Nov 2024 18:44:21 +0000

In reply to Wilf Wallace. Had similar when a Purchaser or a seller dies. The estate is bound to complete then re-sell.

By: Francis Dryden

Francis Dryden — Fri, 22 Nov 2024 18:10:03 +0000

Here in Mexico (at least the area I live in… Lake Chapala) ALL deposits are a minimum of 10% and there is NO FINANCING. Sales are in USD or Pesos. Beside Canada it is much better.

By: Scott Murray

Scott Murray — Fri, 22 Nov 2024 17:39:54 +0000

In reply to Wilf Wallace. I would have thought the contract would have been frustrated by the purchaser(s) deaths and deemed unenforceable, clearly I am mistaken and learn a lot from reading these posts, thank you for sharing.

By: Igor Tsemokh

Igor Tsemokh — Fri, 22 Nov 2024 15:34:04 +0000

I cannot believe that they took such a risk without securing financing!

By: Safdar Sultan

Safdar Sultan — Fri, 22 Nov 2024 15:24:17 +0000

In reply to Wilf Wallace. @Wilf Wallace, I don’t know about the legal situation but I think ethically you have done the best.

By: Josh Bath

Josh Bath — Fri, 22 Nov 2024 15:13:24 +0000

Wilf, that’s wild and certainly one that I have never heard of before. Great job on navigating that situation!!

By: Wilf Wallace

Wilf Wallace — Fri, 22 Nov 2024 13:47:33 +0000

I had a case where both buyers died for separate reasons, after getting an accepted offer but before closing. The estate was obligated to complete the purchase, but the lender cancelled the mortgage approval, so it was impossible for the estate to complete the purchase. I negotiated for the deal to be cancelled, with the sellers keeping the $40,000 deposit. I felt sorry for the estate beneficiaries, but in looking at this case, I feel much better! (The property is still on the market.)