Holdback On Closing?

Question:

I bought a condo and a day before the closing, I found out that the washing machine is not working.

Can I request my lawyer to holdback funds, like $1,000.00?

Answer:

Unless a holdback was agreed upon in the Agreement of Purchase and Sale, there is no “right” to holdback money now. It would be extremely risky to attempt to tender all the closing funds save and except for $1,000 and then face a lawsuit for not closing. Your remedy is afterwards.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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