All tagged Waterloo
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.
As you know, this year will be an exciting yet challenging one. We are hopeful that the interest rates will fall and stabilize for home buyers, but we are also approaching that time when many mortgage holders are renewing their mortgage at a substantially higher interest rate than what they started with at the height of the pandemic. Based on a recent Royal LePage survey, 15% of the Ontarians in the survey will be renewing their mortgages this year alone and 74% of these mortgage holders are worried about their mortgage renewals. Not to mention that variable rate holders are already feeling the weight on their shoulders, from interest rates to gas and food prices. Unfortunately, financial struggle and re-organization is inevitable for many.
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.
