Can a Developer Cancel Your Condo Purchase?

Category: Real Estate

Purchasing a condo from a developer comes with certain risks, and this article delves into the possibility of a developer canceling a condo purchase. It explores the circumstances under which a developer may be legally allowed to cancel a purchase agreement, such as construction delays, zoning issues, or financial difficulties. The article discusses the rights and protections available to buyers in such situations, including the Tarion Warranty Corporation and the Condominium Act. It also provides guidance on how to navigate the process, understand the terms of the purchase agreement, and seek legal advice if faced with a cancellation. By understanding the dynamics of condo purchases and the potential risks involved, buyers can protect their interests and make informed decisions.