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#28144 - 04/29/05 09:07 PM (ONTARIO)can a buyer back out!!!!
Anonymous
Unregistered


Can a buyer back out of an agreement to purchase in which he stated his purpose of buying was for demolition because he found an unfulfilled work order that was unknown to the seller when the title search was done. Seems to me that it wouldn't matter if there was an unfulfilled work order because it wouldn't have to be fulfilled if he were demolishing the house on the property. We are dealing with an estate property. The buyer waited until late the day before closing to say he wanted 5000 of the purchase price which was already reduced to allow for his purpose of demolition.

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#28145 - 04/30/05 03:46 AM Re: (ONTARIO)can a buyer back out!!!!
Canadave Offline
Member

Registered: 01/26/05
Posts: 313
Loc: Ontario Canada
This sounds like a ploy – they still want the property, they’re trying to hold you up for 5K.

Demolishing or not – it’s the contract language that matters.

With a firm contract, the title search period or “Requisition Date” is the opportunity for the Buyer to complete his due diligence - after which, if there are no issues he is expected to fulfill the terms of his contract.

You have several choices ….

But remember – they are trying to open the door to further negotiations – you can play too.

Your lawyer can attend at closing – if the buyer doesn’t show – you sue for specific performance (ask the courts to enforce the contract)

You negotiate a further discount to the price.

You tell the buyers if they don’t want the property you’d be happy to release them if they forfeit the deposit as compensation for the time the property has been off the market.

Or just let them walk away all together and return the deposit.

Consider the season, the market and the property…..

Good luck ................ cheers Dave
_________________________
Watch the real estate market .. http://www.ChomzTV.com


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#28146 - 04/30/05 01:16 PM Re: (ONTARIO)can a buyer back out!!!!
Anonymous
Unregistered


consult an attorney. You may have troubles depending on the verbage in the contract.

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#28147 - 04/30/05 08:23 PM Re: (ONTARIO)can a buyer back out!!!!
altarealtor Offline
Member

Registered: 01/09/05
Posts: 390
Depends strictly on the language of the contract. Many contracts will state that the seller warranties the title to be free and clear. The seller then would be responsible for removing any said claims against the title. Failure to do so would then give the purchaser room to manuevor. Seek legal advice.

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