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Home›Business›Drop in GTA home prices prompts new warning: seller beware

Drop in GTA home prices prompts new warning: seller beware

By admin
August 24, 2017
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Jasmin Sheba had already sold her furniture in anticipation of moving this week when she learned the buyer of her house wanted $20,000 off the selling price to close the deal.

He threatened to sue for the $10,000 deposit if he didn’t get the reduction, she said.

But the stay-at-home mother was defiant.

“I have a 2-year-old and, after all the house showings, the craziness, you’re going to try to back out? That’s not happening,” said Sheba.

The real estate world is awash in buyer-beware warnings. But some homeowners and realtors are making a case for stronger seller protections — specifically, who gets to keep the deposit when a buyer backs out of an agreement.

Until recently, it was rare for a buyer to try and exit a home transaction.

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