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Anticipatory Breach of the Real Estate Agreement
Kormans LLP
March 19, 2020
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Recently the Court of Appeal for Ontario clarified the law on anticipatory breach of an Agreement of Purchase and Sale (APS) of real property.Both the Seller and the Buyer should strictly adhere to the APS. If one of the parties does not close the transaction in accordance with the APS, the breaching party may have negative financial consequences.
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Discover how Limited Liability Partnerships (LLPs) in Ontario protect professionals like lawyers, accountants, and architects while allowing collaboration, resource-sharing, and individual liability protection.
In this blog post, we will cover in further detail some of the other key items that are important to consider when accepting HST indemnity from the Buyer for the HST self-remittance.
There is an all-too-common misconception by some Buyers and even by some Buyers’ professional, licenced realtors that the time period for the delivery of a Deposit pursuant to a resale Agreement of Purchase and Sale (APS) effectively provides the Buyer with a cooling-off period. The mistaken belief is that the Buyer has until the time and date specified in the APS for the delivery of the Deposit to have Buyer’s remorse for whatever reason and therefore elect to terminate the APS by not delivering the Deposit.
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