“It’s happening all over the province,” Brennan said. “Each case has a different early termination condition – it could be financing or site plan approval for example. But what doesn’t vary is that (these early termination clauses) were rarely used…
Brennan says unfortunately this is a wide spread issue across the province due to the rise of real estate prices and the rise of construction costs due to the pandemic. He is currently involved with several similar cases in Tillsonburg…
“These provisions that were little used before the pandemic are now being utilized fairly frequently,” Brennan said. “In the pre-pandemic days, you would contract for a new home build and you’d be reasonably confident that your house would get built.”…
“A motion of pending litigation protects the property until a final decision on whether the contracts are terminated,” said John Brennan, a lawyer at Lerners, in London, representing eight buyers fighting not to have their home purchase contracts cancelled by…
Other buyers have also been hurt by the cancellation of their purchases, some having to take out loans for rental properties after they sold their homes, wanting the condos for retirement plans, said Brennan. “Rentals are expensive, and the longer…
