Location: Ontario
Submitted 06/28/12 10:29 AM

Q. can a seller back out of a signed agreement of purchase and sale

 

Answer #1
Submitted 06/28/12 11:06 AM
Stefan Hyross (Canadian Real Estate Online): Agent in Toronto, ON Stefan Hyross (Canadian Real Estate Online)
Agent
Toronto, ON

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A.

Only if there is a condition within hte agreement that has not yet been fulfilled (ie. condition on financing etc.). If the deal is firm then technically no but you would need to speak to your real estate lawyer to find out what you legal recourses would be should the other party fail to close the deal.

Answer #2
Submitted 09/03/12 08:39 AM
Susan Emo, Kingston and the 1000 Islands Area (Sotheby's International Realty Canada - Brokerage): Agent in Kingston, ON Susan Emo, Kingston and the 1000 Islands Area (Sotheby's International Realty Canada - Brokerage)
Agent
Kingston, ON

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A.

They can and they do!  The question is, what recourse is available?   If the offer was non-conditional, you need to ask is it better to relist the property and quickly find a buyer or do you spend endless funds and effort in court?   Asking your lawyer for advice is always going to be the best route to follow.
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