If the buyer cannot close, they will likely forfeit their deposit and be subject to a lawsuit from the seller, for the difference in the sale price if the seller now sells the property for a lower price than the buyer agreed to pay.
Ontario recently announced the 15 per cent Non-Resident Speculation Tax and there are already more questions than answers. In this short video, lawyer Mark Weisleder tells you what you need to know about the new tax.
A major issue arising in bidding wars is when a buyer regrets their purchase decision almost immediately afterwards. Here are five lessons to learn about the consequences of a buyer's remorse in these situations.
REM (Real Estate Magazine) is Canada’s premier monthly magazine for real estate professionals. REALTORS®, real estate agents, sales representatives, brokers, owners, administrators, and other real estate industry stakeholders read REM every month for news, analysis, and commentary on Canadian real estate.
REM is independently owned and operated, and is not affiliated with any real estate association or board.