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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.
In an article written by James Cook, partner at Gardiner Roberts, he examines the case of Keramati v Ko, 2021 ONSC 3682 (CanLII) in which the buyer lost their $100,000 deposit.
Read the full article HERE.
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