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Debra
Debra, Lawyer
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House was sold with an August 1, 2013 possession date. Buyer

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House was sold with an August 1, 2013 possession date. Buyer is a home builder who clearly stated his intention to knock down the house immediately. Sale included architect's drawings for new home build that we had already paid for. The buyer requested that he be able to use the development permit that we had previously pulled from the city. The buyer put his company sign on our front yard prior to possession - at his insistence as part of deal.
In the major flooding that just occurred here in Calgary, Alberta our home was flooded in the basement and right up to the countertops on the main level of the bungalow. Everything has been ripped out and ruined. The house is currently unlivable. The buyer has backed out of the deal to buy even though he never intended to live in the house.
Question: If we fix up the house and replace the drywall, etc. prior to the possession date, I think the buyer will have no grounds to back out of this deal - is that correct?
Question: If we allow him to walk away, do we still get to keep his deposit on the grounds that we could have sold it to another party with a possession date that was prior to this flood?
Thank you for your question.

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I suggest that you have your real estate lawyer send the buyer a letter indicating that you will not agree for the buyer to terminate the contract.

The lawyer can say that even though they made it clear this was going to be a tear down you will place the home in the position it would have been in had this not happened if that's what the buyer wants but that you are intending to close and will be suing for damages otherwise.

Let me know if you need any further clarification.
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