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Renegotiating Condo Purchase Price after Signing Contract

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smonie

Junior Member
I was one of the first buyers in a condo conversion building (that I used to rent in). Naturally, the tenants got right of first refusal, but no other incentives to buy. I decided to purchase a unit and put a 5% earnest money deposit in November. Now that the condo market is cooling off, I find that the developer has sold only 20 out of 150 units, and is offering all kinds of incentives for people to sign, including a substantial drop in prices. Further, we were initially told that investors and brokers were not allowed, but now they are advertising them as allowed.

Do I have any chance of renogotiating my purchase price, with the threat of walking away from my earnest money deposit if need be ? As a seller, would they have enough incentive to not have my deal fall through and negotiate with me ? Do I have any legal basis for breaking my contract based on the above information ?

Any advice would be appreciated.

Thanks.
 


HomeGuru

Senior Member
smonie said:
I was one of the first buyers in a condo conversion building (that I used to rent in). Naturally, the tenants got right of first refusal, but no other incentives to buy. I decided to purchase a unit and put a 5% earnest money deposit in November. Now that the condo market is cooling off, I find that the developer has sold only 20 out of 150 units, and is offering all kinds of incentives for people to sign, including a substantial drop in prices. Further, we were initially told that investors and brokers were not allowed, but now they are advertising them as allowed.

Do I have any chance of renogotiating my purchase price, with the threat of walking away from my earnest money deposit if need be ? As a seller, would they have enough incentive to not have my deal fall through and negotiate with me ? Do I have any legal basis for breaking my contract based on the above information ?

Any advice would be appreciated.

Thanks.
**A: Most likely no for all.
 

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