Vaughan Real Estate Video Blog #67

What If I Can't Close On Closing Day? | Vaughan Real Estate | Vaughan Homes For Sale

Vaughan real estate agent David Ursino video blogs about the possibility of a buyer not being able to close on a property on closing day. If you want to voice your opinion or if you don't care for David's comments please email your feedback to This e-mail address is being protected from spambots. You need JavaScript enabled to view it  and visit http://www.davidursino.com/for all the David Ursino Real Estate Video Blogs.

Hey everybody David Ursino talking to you about Vaughan real estate as always.  I’m working with a first time buyer and he’s a little bit nervous as often as first time buyers are.  He asked this question:  What happens if on closing day, I’m unable to close.  Let’s say I lose my job and I can’t close on the house that I purchase?  Well it gets into a pretty tough situation at that point.  The buyer will most likely lose the deposit that he had put into the property but then he can also be sued for damages.  What that means is that let’s say the buyer purchased the house for $550k dollars and put in a $20k deposit.  The buyer is then not able to close and the house goes back on the market and the second time around let’s say it sells for $520k.  So now that difference, that $30k difference is what the buyer can be sued for in terms of damages.  So he would lose the $20k deposit plus that additional $10k for the difference between $520k to $550k.  So that’s what damages means.  On top of that there’s damages in terms of moving fees, any storage fees the vendor may have incurred, so it’s that kind of stuff that the buyer could be sued for if he doesn’t close.  It’s not a pleasant situation obviously, it’s something that happens once in a while. Fortunately it hasn’t happened to any of my clients yet but it’s always important that if you make the decision to purchase the place, you have a contract that is now firm, it’s crucial that you have the ability to close on the property.  So that’s it, that’s what happens, I hope I’ve answered that questions as to what happens if you’re unable to close on a property you purchased.  If you have any more about this or anything else related to Vaughan real estate by all means shoot me an email.  I’m at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .  Thanks very much and have yourself a great day.