Last-minute backing down from condo sale – Metro US

Last-minute backing down from condo sale

I have the sale of my condo that is supposed to happen today and I have just found out that the purchaser does not want to proceed with the transaction because she feels uneasy about a number of items contained in the Status Certificate. I am moving out of the condo and was planning on using the sale proceeds to help me purchase another property in the near future. What can I do?

First and foremost, it is very unusual that the condition for the Status Certificate does not expire until the day of closing. Regardless, assuming the buyer is still within the conditional time frame for waiving the Status, she has the right to waive the condition or not . Usually, this would be in her sole discretion which would mean that she doesn’t have to point to specific items in the Status that are making her feel uneasy, she can just cancel the deal.

Your lawyer should carefully check the time frame for waiving the Status. If she is within the time frame, then your transaction is dead. Unfortunately, the condition should never have been extended until the closing date unless the Status Certificate was unavailable until very recently. If this is the case, the transaction was questionable to begin with and perhaps the whole process was too rushed and in the end, not meant to be.

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