Listing the House following a Defaulted Sale (Ontario)

Question:

How soon the seller has to put his house back on the market, after the buyer does not close, in order to sue?

Answer:

There is no period of time. The Seller can sue immediately after the defaulted closing. In fact, the Seller doesn’t have to put the property back on the market at all.

In most cases, in order to demonstrate that the Seller has taken steps to mitigate his losses, the property should be placed back on the market as soon as possible, usually, first listed at the original listing price, then reduced to the selling price, then further reduced in order to get it sold.

If, for example it were listed at 1 million but sold for $1.1 million, then list at the higher of the two first.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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