Canadian Real Estate/home sale contract

Advertisement


Question
I received an offer to purcase my home which I accepted.  However, it was subject to rezoning so I have not received any money.  The deal was signed in June 2012.  Can I consider the deal "dead" and sell to someone else?  I contacted the buyer and they said the deal was on hold.  The city office said they do not have any new zoning application from the buyer yet.  With the market changing I don't want to keep waiting.  The contract does not seem to have any expiry dates on it.

Answer
Hi Bob,
Thanks very much for your question. Any real estate contract must have a deposit to be valid, also the clauses should have dates attached to them. Was an agent involved in the transaction? If so I would go back to your agent to inquire regarding the status. If not I would consult with your Lawyer as to the validity of the contract.
Regards,
Penny

Canadian Real Estate

All Answers


Answers by Expert:


Ask Experts

Volunteer


Penny MacKenzie

Expertise

General Residential Real Estate, Real Estate Agency, Real Estate Terminology, Real Estate Marketing

Experience

Penny MacKenzie is a full time Burlington Real Estate Agent with over 15 years of experience. An active member of the Burlington Business Community Penny is Past President of The Burlington Chamber of Commerce and Past Chair of Tourism Burlington. Penny has also served on the Board of Directors of the Burlington Art Centre Foundation. Penny is also past chair and co-founder of Party In Pink an incredible women only fundraiser for Breast Cancer Support Services. In just four short years this event has raised over $250,000 in support of women who are currently undergoing treatment for breast cancer. As a full time Realtor Penny is experienced in the Burlington and Area real estate market. She has personally handled all types of real estate transactions, however, she is an Experienced Residential Realtor, qualified to help families reach their residential home buying and selling goals.

Organizations
Hamilton-Burlington Real Estate Board, Oakville-Milton Real Estate Board, Ontario Real Estate Board, Canadian Real Estate Board

Publications
www.blogburlingtonsbesthomes.com

Education/Credentials
Licensed Realtor with Keller Williams Realty the fastest growing Real Estate Company in Canada!

©2016 About.com. All rights reserved.