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
|
If your contract doesn't have an opt out provision and all of the "subject tos" have been removed, you're legally obliged to complete.
If you don't, it's a breach of contract and the seller has the option of either treating the contract as ended and keeping your deposit as liquidated damages or suing you for specific performance (i.e. you pay the full price) or damages.
As for force majeure, I can't see that flying in any court.