Can A Seller Cancel Their Real Estate Agreement In Ontario

Real estate market is booming. As a result, sellers who sold signed real estate agreements few months ago are now looking forward to cancelling those agreements, so that they can sell them to new buyers at a higher price. Is it possible for a seller to go ahead and cancel the real estate agreement? Continue to read and we will be sharing more details on it.

Is it possible for a seller to cancel a real estate agreement? No, it is not possible for a real estate seller to go ahead and cancel the real estate agreement. However, there are situations where some of the sellers go ahead and do it. You need to have a clear idea on what to do when such things happen.

What Can I Do When My Seller Cancels the Real Estate Agreement?

As a buyer, you will have two different options to consider. The first option would be to sue the seller and force him to sell the property to you at the agreed price. Or else, you can simply forget about that property, and look for another. However, you should go for the second option only if the seller is willing to pay you a decent compensation.

How To Make A Decision?

Taking a decision after your seller cancels the real estate agreement can be quite challenging. That’s because you will need to prove that the home was unique to you, and you will not be able to get a similar house. There can be challenges when you are trying to prove it. On the other hand, a lawsuit could take years to complete. As a result, you will need to look for an appropriate place to live in the meantime as well.

Even the seller has to go through a risk when he is cancelling the real estate agreement. Apart from facing a potential lawsuit from the buyer, the buyer will register a caution within the title. As a result, the seller will not be able to sell it.

Hence, it is better if both buyer and seller can discuss and come to a common agreement. If needed, it is possible to get the help of a real estate lawyer as well.

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