The Nova Scotia Real Estate Commission is responsible for protecting the best interests of the public. In a recent press release, they've brought attention to a scenario which creates vulnerability for home buyers and we want to make sure you know what to do about it.
Before I dive into how it affects you, I need to explain a few things regarding the agreement of purchase and sale:
- An Amendment - A change to the purchase contract (i.e changing a closing date, requesting home inspection repairs)
- Notice of dissatisfaction - A buyer or seller delivers notice in writing that they are not comfortable with an "out clause" in the contract (financing, lawyer review, home inspection) and they are not proceeding with the purchase. A termination