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clients across Canada since 1987

Aug 17, 2017

Did Your Real Estate Deal Fall Through - Third in a Series of Three

The Toronto and GTA real estate market has taken a turn for the worse. Why is the local housing market in turmoil? Throughout 2016, and the first few months of 2017, the GTA residential real estate market was rapidly rising. Multiple offers and bidding wars were the norm in the market. Home prices were sky-rocketing. Low interest rates and readily available home mortgages were fueling demand; as were foreign investors who saw value in our real estate market. First time buyers were being shut out of the real estate market as entry - level homes became more and more expensive.

But today's real estate market is very difference, indeed. It is quite common for home owners (let's call them the Smiths) to schedule the closing date of the sale of their home on the same day as their home purchase. But what happens when the buyer of the Smiths' home does not close? If the Smiths' sale did not close -can the Smiths fail to close on the purchase of their new home? What if the Smiths' buyer has a good reason (excuse) not to close? For instance, if their home sale did not close?

When one buyers is not ready, willing and able to close the purchase of a home there can be a domino effect. The vendor (whose home did not sell) might not be able to close the purchase their new home. And that vendor may have their own purchase to deal with - and suddenly insufficient funds resulting from a failure to close two or three houses 'down the line'.

You may need expert real estate legal representation if you are involved in a failed real estate deal. If your house sale did not close, you may need the expert real estate legal representation that Papazian | Heisey | Myers can offer. To speak to one of our lawyers contact Papazian Heisey Myers at 416-601-2701.