Purchasing a condominium is an exciting milestone, but amidst the anticipation, it's crucial to consider the financial responsibilities that accompany this significant investment. One aspect that potential condo buyers in Ontario must be aware of is the concept of closing costs. These expenses, separate from the purchase price, can add up significantly and should be factored into your budget. In this article, we will delve into the details of closing costs associated with buying a pre-construction condo in Ontario, providing you with a comprehensive understanding of what to expect and how to plan accordingly.
Substantial Damages on a Purchase Property
The article goes over how Ontario’s Superior Court of Justice had addressed two issues; the responsibilities of the seller when substantial damage occurs to a property in between the time of the signed Agreement of Purchase and Sale to the closing date, and what is considered substantial damage to property..
When a Buyer Backs Out of a House Purchase …
With the current market resulting in numerous bids on a property, and even more offers being pulled after the Agreement of Purchase and Sale has been signed, falling under the unique aspect of Canadian contract law, the seller of a property is entitled to keep the deposit of an offer when the buyer backs out without having to prove any loss.