Buyer Walking Away From Closing Ontario
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FAQ
No matter the scenario, walking away at closing after you sign a purchase agreement can have significant legal and financial consequences. If a buyer pulls out of a house sale after contracts have been exchanged, they will forfeit their deposit and may be liable for other costs incurred by the seller.
A firm purchase agreement is a binding contract, and if the buyer fails to close, they are responsible for compensating the seller. The seller is entitled to be reimbursed for the price difference if the home is eventually sold for a lower amount or for the market value if the home is not sold.
These reasons may include lack of financing, or falling market prices that it had not accounted for. When a buyer fails to close, they are then responsible for making the seller ?whole?. The buyer, in many cases, will also be required to forfeit their deposit, regardless of whether the vendor has suffered any damages.
Any contract in Canada is subject to the approval of both parties, and a real estate transaction is no different. Therefore, there are typically significant financial or legal consequences if the buyer or seller simply changes their mind and backs out of an offer after it has been accepted.