Buyer purchases property and was unable to obtain financing. Transaction failed to close. Seller resold property for a lower price and sues for the difference in the purchase price as well as other costs.
Buyer commenced a claim against the Real Estate Agents representing him in the transaction. Buyer argues that the seller hid the true condition of the property and failed to confirm that the Seller was unable to convey clear title on closing. Summary judgement granted in favor of the seller and damages in the amount of $146,671.22 awarded.
Noteworthy argument(s) by Buyer:
Buyer was unable to secure financing due to the poor condition of the property; The agent misrepresented the condition of the house on the property and the value of the land and pressuring him to make a higher offer and failing to explain the implications of removing the due diligence clause from the standard OREA form;
Buyer argues that the neighbor had sewer and water lines that ran through the property that were not indicated on the survey or on title and that the seller hid this information; Case: https://www.canlii.org/en/on/onsc/doc/2019/2019onsc5874/2019onsc5874.html?searchUrlHash=AAAAAQALcmVhbCBlc3RhdGUAAAAAAQ
Ricky Rathore is a licensed Barrister & Solicitor – Rathore Baig Prof. Corp. and is a Broker/Owner of RE/MAX Empire Realty Brokerage. Do not construe as direct or indirect legal advice or otherwise. #RathoreBaig #Closer #Grinder
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