“Failure To Close? More Than Your Deposit Is At Risk!”
A real estate purchase contract is a legally binding agreement. If the buyer doesn’t meet their obligations by closing the purchase, there can be financial repercussions. At a minimum, the buyer will lose their deposit. But it can be far, far worse. In this Tale, a BC real estate buyer didn’t close and ended up paying for it after the courts ruled in favour of the seller.
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Closing a real estate deal obviously requires payment, but what is cash to close? Previous videos in this mini-series covered deposits and down payments. In this video, you’ll get advice about the final payment in a real estate purchase transaction. If you need a real estate lawyer in Alberta, get in touch with Barry at RMLO Law LLP.
This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides bite-sized pieces of real estate knowledge.
Buying and/or selling real estate in Alberta? Barry can help. Contact him now!
That’s what buyers say when they discover problems after taking over a property because, “the seller knew about the flooding basement/mice in the attic/leaking roof”. When these kinds of questions come our way here at RMLO Law LLP, we turn to our resident litigator. If you have a problem where the only resolution is going to court, expect to pay a retainer and get prompt action.
Most things we buy (even used cars!) come with some form of guarantee or other protection from loss. Unfortunately, used real estate isn’t one of them. Apart from very narrow exceptions, you are truly on your own when it comes to dealing with issues that arise with a property after closing. This post discusses your limited options when trouble arises after you get the keys to your new property. Continue reading →
Our “Tales from the Trenches™” often deal with one of those “Basic” issues that we teach and train about at least a couple of times per year. “Basic” is when Tales reviews things that all real estate investors meet and deal with, deal after deal.
This time it’s that perennial question, “how much time do I need to close?” Continue reading →