Relisting and Resale

Buy New Homes, Resale Properties In Gurugram | Aryan Realty Infratech

(Ontario)

Question:

Can an agent relist a property on MLS without a signed mutual release for a previous deal? We were one day late with the deposit.

Answer:

If you were late with your deposit, then the Buyer is in breach of contract. The Seller has the option to terminate the contract. They can refuse the late deposit, if they choose to do so. If they extended the time for delivery of the deposit, then you are still good.

If there was no extension, the Seller is then free to re-list, sell to another Buyer and no mutual release clause is necessary.

Actually, this is a common situation. It happens all the time. But, the law is very, very clear on this and hasn’t changed in 160 years.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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