Question:

Canceling a transaction

by Guest8085 | earlier

Hello d**k, We have just put a 10K deposit down on a home in Ontario. We have not yet had an inspection, but have found a more suitable property to buy. Any problems cancelling the transaction and recouping our 10K at this point?

Tags: Canceling, transaction

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Here at this point if you want to cancel the transaction then you can it is all up to you. You are the one who is going to pay so it is always in your hands.

The point is, you have to have a valid reason for cancelling the deal. A very valid reason is dissatisfaction with the condition of the property after the seller said he would fix up anything that needed to be fixed up. Another is not being able to qualify for the loan to buy the property.

You need to be very clear in your reasons or other wise your amount can never be returned to you. Legally if you are making cancellation on such transactions then if you are the owner and got an advance amount of 10k. Here if you are cancelling the deal then you need to pay 20k amount in return.

And if you are buying some property and all the sudden your mind changes then whole the amount which is 10k will not be returned to you.

Now as you mentioned that you haven't seen the property so you can go there and think for the issues which can help you in the cancellation.

Report (0) (0) | 1 year, 1 month(s) ago