Can you just “get out” of a contract?
Similarly, now that the market has cooled a little bit, Buyers ask if they can somehow get out of the deal because the property isn’t worth as much as it used to be!
This is similar to 2017 when Toronto detached homes dropped by like $400k and everyone was trying to get out of deals. Recently, I’ve heard of many Buyers who are trying to renege on their contracts.
The (bad) advice out there is “you can just surrender your deposit and that’s all you will lose.” For your information, this is incorrect as the deposit is the “minimum” you can lose.
Your substantive losses will be the difference from your sales-price and whatever the market is selling at now. For example, if you offered to buy the house for $2,000,000. And now they were only able to sell it for $1,800,000, then they could sue you for the difference.
So before you do anything rash, please consult with a professional.
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