Protect Real Estate buyers…. Other than to sue in court, a real estate purchaser has little protection without a specific hold back term in their real estate purchase contract. Without a hold back term, the standard AREA contract does not allow a buyer to hold back funds to offset damage or something that is not done in the contract. The alternative is to sue for breach of contract. It is not to say that they would not win, but the cost and time can make this a less desirable option. Learn more about the importance of real estate hold back provision terms in this video.
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The Kahane Law Legal Minute is brought to you by Jeff Kahane of Kahane Law in Calgary, Canada. http://www.KahaneLaw.com/ (403) 225-8810
Kahane Law Legal Minute – Real Estate Holdbacks
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WARNING: This presentation is for LEGAL INFORMATION ONLY. Laws will vary by jurisdiction. They also may change by legislation or court ruling. Each situation is different and no one rule applies to every situation so it is IMPORTANT for you to contact a lawyer to get legal advice specific to your situation.