Back on topic. My buyers couldn't close. Released their deposit on mutual termination of the contract (technically I could pursue for the deposit + damages if the house sells lower, but I took the risk to avoid litigation).
House has to go back on the market now... sigh.
At least our new home purchase wasn't dependent on funds from the sale on the old home. We were counting on some of the proceeds for renovations though which may have to go on HELOC or be pulled from our TFSA in the interim.
ALSO. Did you guys know the standard BC REA listing agreement stipulates the commission is earned when the firm contract is entered into, i.e. not when the purchase closes? I.E., legally you can be on the hook for commission on a deal that collapses. My realtor's a good guy and said no realtor worth their salt would pursue this given their business is so reputation-driven, but it's there in the contract. My lawyer made me get waivers from the agents before agreeing to the mutual termination.
