Buyer Loses Deposit After Rescinding Pre-Construction Purchase Agreement

In this blog post, the author discusses a case where a buyer rescinded their pre-construction purchase agreement and lost their deposit. The buyer had entered into a contract to purchase a unit in a condominium development but later changed their mind and sought to cancel the contract. The court ultimately found that the buyer did not have sufficient legal grounds to rescind the agreement and was therefore not entitled to a refund of their deposit. The blog post highlights the importance of carefully reviewing and understanding the terms of a pre-construction purchase agreement before signing.