Chandresh,
You are absolutely right. There is nothing that prevents PWin to buy another property.
I also suggest Pwin to contact the Selling Broker of Record (Owner/Manager of the Brokerage) directly (not the Selling Salesperson). Broker of Record has a responsibility towards the actions of his contractual employees (Salesperson).
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Location: Western Hemisphere
Posted on: 17-07-06 12:31:53
Quote:
Originally posted by chandresh
Quote:
Originally posted by dimple2001
Although, as long as this drags out, you may not be able to buy another property
Is that a condition of the law, or you are talking about financial capability? What I mean to ask is, if he is capable of buying 2 or more properties at the same time, does this problem prevent him from doing so?
Chandresh
I stand corrected. I guess as long money is available to you, you can go ahead buy properties.
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Dimple2001
Rajeev is right. That will get some action.
Quote:
Although, as long as this drags out, you may not be able to buy another property
Is that a condition of the law, or you are talking about financial capability? What I mean to ask is, if he is capable of buying 2 or more properties at the same time, does this problem prevent him from doing so?
Chandresh
I stand corrected. I guess as long money is available to you, you can go ahead buy properties.
Chandresh bhai,
It might not affect you/others who have lots of cash.
Let's assume if the someone goes ahead and buys another property and does not get released from the previous contract (might not be applicable to this situation). The buyer will then end up owing 2 properties. How many people can afford two or more mortgages? It is always prudent to come out of one contract and then put an offer on the other property. One can continue looking for homes and put conditional offer with a clause of getting a release from the 1st offer. Buyer agents know this process and can advise their clients on this.
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Amit I had asked this question because 2 years ago, when Ibought my house, I had put an offer which was accepted subject to financing and inspection conditions. However, I had seen another house on the next day which I liked more so went ahead and put an offer for that one - which unfortunately was not accepted.
So in this I was trying to enquire if legally I was allowed to do it or not.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Legally it is OK.
So long you have money you can put offer on, say, ten properties (or even more).
(One day will come when you would be able to do that)
Quote:
Originally posted by chandresh
Amit I had asked this question because 2 years ago, when I bought my house, I had put an offer which was accepted subject to financing and inspection conditions. However, I had seen another house on the next day which I liked more so went ahead and put an offer for that one - which unfortunately was not accepted.
So in this I was trying to enquire if legally I was allowed to do it or not.
Chandresh
You could have done the above until the date of expiry of the conditions within the time period stated in the offer. Normally, backing out of the deal for no real reasons is not the right approach and leaves all the parties with bad taste. Once an offer is accepted and the conditions are met, the deal firms up and one cannot back out of the contract.
Regards,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
