What Can Happen When You Fail To Close On Real Estate In Ontario
Posted by Frank Polsinello on
what can happen As A buyer When You Fail to Close On Real Estate in Ontario
Whenever the real estate market starts to cool off, or a downturn or pandemic like coronavirus realtors and real estate lawyers inevitably start getting calls, texts and emails asking what happens if I fail to close my home purchase in Ontario.
There exists the common misconception that a buyer will only have to forfeit the deposit. In this article we will start by looking at the law in relation to forfeiting of deposit in Ontario and analyze the full extent of damages that may be available where a buyer does not close.
consequences are not limited to the loss of your Deposit
Where a buyer fails to close, in most circumstances the deposit will be…
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