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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100976
Experience:  Lawyer
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I sold my house to a buyer that needed an extension for

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I sold my house to a buyer that needed an extension for financing. On the day of closing my lawyer stopped the closing because he didn't get any money. The buyers have asked for another extension. What are my options?

Hello! My name is***** you for your question. I'm reviewing it now, and will post back again shortly.

I am sorry to hear of this difficult situation.

Did you agree to the further extension?

Do you want to go ahead with the closing or would you rather find another buyer?

Customer: replied 11 months ago.
I agreed to a further extension, but am apprehensive that it won't go through.

As you agreed to the further extension you do have to wait now.

If they come back and ask for another you can say no. You can then sue them to compel them to complete the sale. At the same time you have a duty to mitigate your damages so you would have to try and find a new buyer. If you do then these buyers would be off the hook. But if you sold the house for less than they were paying you could sue them for the difference.

You have to be left in the same position you would have been in had they completed the sale.

Does that help?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Customer: replied 11 months ago.
Thank you. That helps.

You are very welcome.

I hope it works out.

Please let me know what happens. The post will not lock even after you rate me so you can come back and give me an update whenever you like.

Take good care and enjoy your weekend.

Is there anything more I can help you with at this point in time?

Debra and other Canada Law Specialists are ready to help you