Blog Article

Sunday, 17 September 2023

By Mortgage Outlet

Elan Weintraub interviewed by the Toronto Star: “Hoping to walk away from a new construction deal? Experts Weigh In”

Elan Weintraub says a common misconception is that breaching a contract means you only lose your deposit. That’s not the case.

“Even with a high income, if the house only appraises for $2 million and you pay $2.5 million, you need to come up with an extra $500,000 on top of the 20 per cent down,” says Weintraub, and you could also be on the hook for developer damages and any legal costs.