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What happens if a seller breaches a purchase and sale agreement?
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Sep 4, 2020 · When parties enter into an Agreement of Purchase and Sale (APS) for a residential property, there are consequences for breaching the agreement by failing to complete the transaction. Often, it will be the purchaser who breaches an agreement, due to a failure to secure sufficient funds on time.
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Mar 5, 2024 · If an agreement of purchase and sale is breached by a seller, a buyer may seek to enforce the contract through specific performance.
Apr 5, 2022 · When a seller is unable or unwilling to close on the sale of a home, the buyer may need to respond quickly. If you are a realtor, recommend the buyer obtain legal assistance without delay, especially if it is unlikely the buyer will be able to purchase a comparable home.
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Feb 16, 2021 · A buyer cannot argue with the resale value obtained by the seller, unless: The buyer provides their own market evaluation or expert evidence from a realtor about the value of the Property and that that the seller could have obtained a higher price whether through exposing the property more widely or taken additional marketing steps; and
Jun 16, 2020 · If you have an agreement in place that was signed by both parties, but your buyer has not signed your proposed Addendum, the original purchase agreement is still binding on both sides. For a an analysis that is based on a review of your documents, contact a local real estate attorney.
Apr 2, 2021 · The decision of Fenyes v. Nellipudi, 2021 ONSC 3913 (CanLII) illustrates what happens when a buyer attempts to introduce new terms during the conditional period which are not accepted by the seller, and the conditional period expires prior to delivery of a notice of fulfillment of condition.
Oct 29, 2021 · The Ontario Court of Appeal (ONCA) in Ching v. Pier 27 Toronto Inc., 2021 ONCA 551 (CanLII), recently outlined the options an innocent party to an agreement of purchase and sale (APS) has upon the other party breaching (i.e. repudiating) the APS. General Principles.
