buying a condo pre-contruction, getting out of the contract

[autumnrain]

just wondering what are the legalities if I were to back out of a condo we purchased in ontario. It is scheduled to be finished building in late 2009. Can we just lose our deposit that we put down?

[HRD2PLZ]

I believe Ontario has a 10-day period much like Alberta where you get to review the Condominium Documents and walk away from the deal for any reason with your deposit. Once you have committed to a firm sale and have waived any conditions, if you walk away from the sale I am quite certain you will lose your deposit. You might want to check with the developer as different developer's may have their own policies.

[autumnrain]

we are fine with losing the deposit, but is there anything else that we should be aware of? Like can they force us to take this property, or sue us for something?

[turbotrip]

no u can walk away and just lose ur deposit

[Weapon_R]

They can (and probably won't) sue you for any damages they incur from the difference in contract price vs. the market price if they suffer any losses.

[benyl]

Why don't you try to sell the contract?

[Jayson]

Just call the developer and ask them what their policies are on such things. I'm sure you can reason with them, don't think they're going to bite your head off.