That's the main reason I sold my condo... there's hardly any sales history in my building, but I think at the very peak I could have sold my condo for $630k and I sold it for $608,000... and that was with a possible $12k (my unit's share) assessment upcoming and on record in the minutes.
I only got ONE offer and zero other interest... pretty much had to take it and I don't feel too bad given the market. I think if I hung onto it I would be much worse off... didn't want to rent, didn't want to pay vacancy tax and every month it sat there cost me ~$700 between strata fees, property tax and insurance.
Quote:
Originally Posted by PeanutButter
Are you allowed to simply walk away like that, if you forfeit your deposit? Doesn't Mr. Baradziej still have to complete on the purchase?
Or is there a clause in pre-construction that says you can walk away as long as you forfeit your deposit?
I would think the developer would rather you complete than walk away even if they get the deposit, especially in this market climate.
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Most that I've seen, they just let you walk... but technically they can sue you.