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In the fast-paced world of real estate, deals can often go awry, leaving both buyers and sellers scrambling. One such case unfolded in New Tecumseth, Ontario, where an avoidable breach of contract in a cooling real estate market cost one buyer dearly. Here’s a look into the legal drama and the crucial lessons learned.
This appeal emerges from a real estate transaction that hit a financing snag. The Buyers engaged in an agreement to purchase a residential property in Waterloo, Ontario. Unfortunately, the deal fell through as their financing became unattainable within the agreed timeframe. Subsequently, the Sellers sold the property to third parties at a higher price and retaining the buyers' deposit.
