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You are here: Experts > Real Estate > Real Estate by Location > Canadian Real Estate > withdrawing our offer
Expert: Alex Rodriguez - 10/4/2008
Question
We were unable to get the financing we originally thought, so we told both the mortgage broker and the realtor that we wanted to withdraw our offer. The next day the broker called and said we got the financing, we had already withdrawn our offer, now our realtor says we could get sued because our financing was actually met. We withdrew before the closing date on our contract, and signed the paper with the realtor to get our deposit back, can the seller sue us for breaking the contract even though we chose to withdraw before the closing date, when we were originally told out financing was not what we wanted or expected?
Answer
Hello Jill.
In order to get a final and accurate answer I would recommend you ask your lawyer.
It depends on the language of the contract... sometime language like "the buyers sole and absolute discretion" is used. This type of language would protect you. Wether approved or not, perhaps you were not happy with the rate you got, the terms of the mortgage, or whatever. Items like this would fall under "sole and absolute discretion" Again, consult with your lawyer.
Also, a question I would have (if this is the case), How would the other party find out that you later got approved? Did you authorize the release of this private information to a 3rd party?
Again, consult with your lawyer to get definitive answers.
Good Luck,
Alex
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