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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 98002
Experience:  Lawyer
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Can I cancel agreement to purchase after already signed

Customer Question

Can I cancel agreement to purchase after already signed after discovering mortgage payout penalty cannot afford to proceed
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Are you saying that there was a firm offer and a firm acceptance without any conditions?

Customer: replied 1 year ago.
I believe the only condition was obtaining financing by purchaser
Expert:  Debra replied 1 year ago.

Did the purchaser waive the condition?

Customer: replied 1 year ago.
The agreement was only signed last night I believe he has one week to arrange
Expert:  Debra replied 1 year ago.

Unfortunately, unless they waive the condition you have no choice. You entered into a firm contract conditional on only one condition. There is no way out of it. You cannot change your mind. That is not how the law works. If you try not to close when it is time to close the house sale the purchaser can sue you to compel you to sell the house to him. The agent is correct. I'm sorry this is not the answer you were hoping to hear.

Customer: replied 1 year ago.
I thought there was a law that you could cancel any contract within 24 hrs
Expert:  Debra replied 1 year ago.

No. There is no such law at all. I'm sorry about that.

Customer: replied 1 year ago.
Thanks
Expert:  Debra replied 1 year ago.

You are welcome. I am so sorry this happened to you.

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