Hotel Georgia condo buyers sue to opt out of presale contracts as Vancouver real estate market sags
Oct 30, 2012
Vancouver condo price drop sparks spate of lawsuits that underscore need for developers to disclose completion dates to buyers
Falling Vancouver real-estate prices and widespread expectations that they'll fall further have sparked a rise in lawsuits from condo buyers who want to get out of their presale contracts. 大温地区公寓价位下跌,加上现在普遍认为价位未来会继续下跌,造成楼花退房官司增加。
The trend underscores the importance for developers to scrupulously follow the Real Estate Development Marketing Act (REDMA) – because failure to do so can render sales contracts unenforceable and enable buyers to get their deposits back.
"People wouldn't be looking for the return of their deposits if the units were worth more than or as much as they purchased them for," Harper Grey LLP partner Bryan Baynham told Business in Vancouver. 律师 Bryan Baynham 说,如果房市未来看好,没有一个楼花投资者会想要打官司退房。
"The developer in this case knew obviously that the project wasn't going to be complete by December 2011," Baynham said. "Yet, in the disclosure statement, it says specifically that the completion is estimated to be December 2011."