Quote:
Originally Posted by Impulsive Apathy
If I bought a pre-construction unit, what are the consequences for defaulting on the contract? I would lose my deposit for sure but I cannot find any other information on what the Alberta laws are and what the Condo builders can do. Does anybody have any idea at all?
Can I claim force majeure to get out of the liabilities because of the unforeseen circumstances with the economy from when I initially signed the contract?
Thanks in advance for the help
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As I understand it: The builder is entitled to the full amount of the contract price, regardless of you personal circumstances or your inability to obtain financing. If they turn around and dump it at a huge loss, not only do you owe them the difference, but you will also owe them interest, commissions, and legal costs as well.
EDIT: Oh yah, and you may want to talk to a lawyer.