Real Estate Lawyers Sudbury, Ontario

Sure, a real estate offer is not a sale. Anything can happen in the meantime – real estate buyers  may walk away if they can’t get financing or change their mind. Some sellers direct their realtor to continue accepting back-up offers until all subject-to conditions are removed. (A home where all contingencies have been met is less likely to come back on the market and is probably not worth pursuing.)

Yes. A Brampton couple received $185,000, including costs and interest, for a similar complaint (Datta v Eze, 2020 ONSC 4796). Cancelling a real estate sale requires mutual consent between buyer and seller. When a sale is rescinded, courts look at the impact on the buyer. For example, in Datta v Eze, the court found the property was the only one that satisfied the real estate buyers’ unique wish list. The fact it appreciated by $150,000 more than the home they eventually bought contributed to the size of the settlement. 

How big is your down payment and how much do you need to borrow to buy real estate? BMO  calculates a $726,000 mortgage with 20% down on a five-year fixed term with a 25-year amortization would cost $3,764 per month at 6.14% (September 2022 rates). To get the mortgage, you have to show you can afford to buy real estate even if interest rates increase by a minimum qualifying rate. That rate is the higher of your interest rate plus 2% or 5.25%. In other words, your lender will assess whether you could still make the payments if your interest rate was 8.14% ($4,485 monthly).

If you mean does it make you appear like a credit risk to lenders, not typically. Your income may increase by the time you make your next real estate purchase, or you could be buying a home with rental income. Future lenders are more interested in whether you consistently make mortgage payments on time, and how you manage debts like credit cards. Before you apply next time, ensure your credit score is solid, and reduce or consolidate debts.