Found 3 blog entries tagged as contract.

In the realm of real estate, the process of buying a property can be complex and involves various stages. One crucial aspect to consider, particularly in British Columbia, Canada, is the presale rescission period. This period offers protection to buyers who enter into agreements for the purchase of a property before its completion. In this article, we will delve into the presale rescission period in British Columbia, exploring its purpose, rights and obligations for both buyers and developers, and important considerations.

What is a Presale Rescission Period?

The presale rescission period under the Real Estate Development Marketing Act (REDMA) refers to a specified timeframe (7 days) during which a buyer who has entered into a presale agreement for…

258 Views, 0 Comments

Read Full Post

Can the Seller Back Out of the Sale?

It is generally possible for a seller to back out of a real estate sale, but whether they are able to do so will depend on the specific circumstances of the sale and the terms of the contract that was signed.

If the seller wants to back out of the sale before the contract has been completed, they may be able to do so by negotiating a release with the buyer or by paying a penalty, such as a termination fee. The terms of the release or termination fee will depend on the terms of the contract and any applicable laws.

If the seller wants to back out of the sale after the contract has been completed, they may be in breach of contract and could face legal consequences, such as being required to pay damages to…

210 Views, 0 Comments

Read Full Post

Can I Change My Mind Once My Offer is Accepted? Contracts

As the buyer in a real estate transaction, you generally have the right to change your mind and back out of the sale before the contract is completed. However, whether you will be able to do so and the consequences of backing out will depend on the terms of the contract and any applicable laws.

If you have already signed a purchase agreement or other contract to buy a property, you may be legally obligated to complete the sale. In this case, backing out of the sale could result in a breach of contract, and you could be required to pay damages to the seller.

It is a good idea to carefully consider your decision to buy a property before making an offer, and to consult with a real estate attorney or…

302 Views, 0 Comments

Read Full Post