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Canadian Real Estate/Withdrawing a Conditional Offer

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Question
Good afternoon,

Do I need to contract a solicitor to withdraw a conditional offfer to a builder with condition of approval from our solicitor? Is this something we can just call up the builder and say we would like to withdraw our offer? We sort of got caught in the sales pitch, but after doing further research in the area, we could get better housing for the price.

Thank you,
Tim

Answer
Hi, you can always withdraw a conditional offer yourself if the conditions have not been met by the builder.  A conditional offer is just that 'conditional'  but it would depend on the time allotted and it is hard to say without seeing the contract.

In Ontario you have a cooling off period also of 10 days.

http://www.tarion.com/Warranty-Protection/Understanding-Delayed-Closings-and-Occ

If you are unsure it is always best to ask your lawyer but time is of the essence.

I hope you are still under the cooling off period.  Otherwise you may be locked in.  It is possible you may want to consider 'assigning' your agreement if you are able to with builder permission.  That is selling the agreement to someone else who wants to buy it for the same price or you can try to make a profit.  Pretty much it is just 'selling' your deal.

Best Regards

David  

Canadian Real Estate

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David Sussman

Expertise

Residential Real Estate Questions in Ontario such as financing possibilities, clauses, how to choose the right agent, buying/selling your home/condo and anything else that relates to real estate trading such as what my home is worth or tips and hints for how to protect yourself as a buyer or seller.

Experience

Residential Real Estate Agent in the City of Toronto for Royal LePage, Signature Realty.

Organizations
Toronto Real Estate Board Canadian Real Estate Association Royal LePage Signature Realty

Education/Credentials
Carleton University, B.A. and Business Management from U of T

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