(Post Master Supreme)

07/05/15 09:16 AM

Real estate law?

Does the seller have a way to get out of a deal once the offer is accepted? Say the seller comes back after they accepted your offer and says they made a mistake etc etc and want to cancel the deal or buy it back before the final papers are signed.

Once the offer is signed I assume it would get pretty messy if the buyer still wanted the place even though the buyers wanted to cancel?

c2k

(Post Master Supreme)

07/05/15 09:42 AM

Re: Real estate law?

that's something you'd need to get in touch w/ a real estate lawyer - fast.

but if the buyer backs out of the deal, the seller keeps the buyers deposit. that's as far as i know. doesnt help you in your case.

87ZCSi

(Post Master Sr)

07/05/15 10:55 AM

Re: Real estate law?

C2k that's not true either. It's just in trust so you can sue for damages once damages are established. Been there done that

OracerO

(Post Master Sr)

07/06/15 09:14 PM

Re: Real estate law?

There are a lot of variables involved.

Is this a private sale? did you go through an agent?
Any conditions in the contract?
Verbal offer accepted? or signed contract?

At the very least, you should get a lawyer.

loudsubz

(Post Master Supreme)

07/07/15 09:22 AM

Re: Real estate law?

Went through an agent, offer was put in on 1 condition (home inspection) had that done and waived condition, signed paper, done.

Fast forward few weeks later and I guess they have a family member who isn't quite content with them selling and now wants them to cancel the sale and will re coup the cost of the agents etc. of course it's more complicated than that because we sold our place as well so were obligated to go through our sale as well.

We've contacted the lawyer and waiting to hear back.

c2k

(Post Master Supreme)

07/07/15 09:28 AM

Re: Real estate law?

sheeeeeit.

when is the closing date on your old home?

keep us posted.

loudsubz

(Post Master Supreme)

07/07/15 09:34 AM

Re: Real estate law?

Closing dates all on the same day lol

87ZCSi

(Post Master Sr)

07/07/15 09:39 AM

Re: Real estate law?

And when is that?

Euphoricuck

(Post Master Supreme)

07/07/15 09:47 AM

Re: Real estate law?

Originally Posted By: loudsubz

they have a family member who isn't quite content with them selling

oops

c2k

(Post Master Supreme)

07/07/15 10:17 AM

Re: Real estate law?

Originally Posted By: loudsubz

Closing dates all on the same day lol

oh sheeeeit.

GOOD LUCK!

LNXGUY

(Post Master Supreme)

07/07/15 10:36 AM

Re: Real estate law?

Fucking people

loudsubz

(Post Master Supreme)

07/07/15 10:50 AM

Re: Real estate law?

Originally Posted By: 87ZCSi

And when is that?

Little over a week

SuPeR-MaRiO

(Post Master Sr)

07/07/15 11:13 AM

Re: Real estate law?

Let's say you hadn't sold your house yet, would you be content with them backing out of the deal assuming that it hasn't cost you anything at the end of the day? Or are you and your wife really set out on the house? If the latter, would tell them too bad so sad?

spd-dmn

(Post Master)

07/07/15 11:14 AM

Re: Real estate law?

specific performance is the toughest to enforce

in this case though, the damages would be pretty fuckn high i would imagine, given how near it is to both closes

i would *think* that whatever dollar amount could be thought up, would still not be enough to cover the damages

Euphoricuck

(Post Master Supreme)

07/07/15 11:29 AM

Re: Real estate law?

I think its too late for that family member.

87ZCSi

(Post Master Sr)

07/07/15 02:56 PM

Re: Real estate law?

Well that is really bullshit. Keep us posted. Got a place to go?

OracerO

(Post Master Sr)

07/07/15 04:37 PM

Re: Real estate law?

And the seller is fine with paying for the agents fee?

spd-dmn

(Post Master)

07/07/15 05:49 PM

Re: Real estate law?

agents fee, interest on the deposit, moving fees, property storage, hotel...

not much punitive damages to be had, but it would still take a lot of money to make OP whole again...

this is a shitty-as-fuck situation no matter which way you slice it

Just A Troll

(Post Master)

07/08/15 09:57 AM

Re: Real estate law?

Originally Posted By: loudsubz

I'd definitely sue for as much as possible.

People can't just back out of a sale just because "they don't like it". In Ontario we have laws which protect the buyer and allows them to back out. But as far as I know, unless there's cause, the sellers don't have that protection. I don't think the "I don't like it!", is just cause.

Just imagine a world were sellers could just back out of deals just because "we don't like it". That's crazy!

OracerO

(Post Master Sr)

07/08/15 02:33 PM

Re: Real estate law?

Update?

Screamin Type ARGH!

(Post Master Supreme)

07/10/15 01:16 PM

Re: Real estate law?

can someone help me lock down this place?

http://www.citynews.ca/2015/07/10/downtown-apartment-ridiculed-reddit-torontos-worst/

$3,100 / month
seems fair...

lulz

loudsubz

(Post Master Supreme)

07/16/15 08:34 AM

Re: Real estate law?

c2k

(Post Master Supreme)

07/16/15 08:56 AM

Re: Real estate law?

deets are overwhelming bruh.

loudsubz

(Post Master Supreme)

07/16/15 09:00 AM

Re: Real estate law?

Sometimes it's nice not to share every bit of personal info online with others bruh

Senor Eduardo_82

(Post Master Supreme)

07/16/15 09:24 AM

Re: Real estate law?

I'm actually glad to hear it went well for you.

loudsubz

(Post Master Supreme)

07/16/15 09:25 AM

Re: Real estate law?

Originally Posted By: eddie _69

I'm actually glad to hear it went well for you.

Thanks!

LNXGUY

(Post Master Supreme)

07/16/15 09:29 AM

Re: Real estate law?

I don't think we want every single detail, but I'm sure we'd all like to know what went down.

loudsubz

(Post Master Supreme)

07/16/15 09:48 AM

Re: Real estate law?

It was pretty uneventful. My guess is after they spoke to their lawyer and realized it would cost them much more than thought plus the possibility of being sued it just wasn't worth it.

LNXGUY

(Post Master Supreme)

07/16/15 09:56 AM