WISE

   LAW   OFFICE

         __________________

                      TORONTO

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Ontario Home Warranty Plan

 

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Unfortunately, not all real estate transactions are completed smoothly, as scheduled. For various reasons, one of the parties to an Offer may seek to abandon, delay or change the terms of a transaction on or before the scheduled closing date. 

There can be serious consequences for the party defaulting, unless there is a legitimate reason for terminating or altering a transaction.

The remedies available to the non-defaulting party are primarily three- fold:

·     Treat the contract as if it never happened, and ask that both parties be placed in their original position; 

·     Demand "specific performance,"  and require  that that the Agreement  be carried through to completion as intended; or  

·      Claim damages in lieu of or in addition to performance of the contract.  

If the non-defaulting party is the vendor, a fourth option presents, which is to consider the contract cancelled and keep the deposit.

Timely legal advice is critical where problems are encountered in a pending real estate transaction. The remedy your lawyer will suggest will of course depend on the outcome most appropriate to your circumstances.

Contact Toronto real estate lawyer Shashi Raina by email or by telephone at (416) 972-1781 for more information on the Ontario New Home Warranty Program or to arrange a consultation, without fee or obligation, to discuss your needs and requirements.