I won’t ask what an “unnatural” person is?

Doesn’t seem like much incentive for anyone to believe in the enforcability of a contract. Is it the norm (no pun intended) to then get large deposits with each purchase so as to disuade buyers from walking.

We have a rule of thumb which says 5% of purchase price. With our prices this becomes substantial with deposits ranging from $50 to a $100,000.

In Saskatchewan we have legislation known as the “Limitation of Civil Rights Act.” A seller cannot recover damages in excess of the amount of the deposit provided that the buyer is a natural person who intends to occupy the property as a principal residence. The law makes it fairly easy for a buyer to walk away on a deal knowing exactly what it will cost them. Not so great for sellers, especially if the market is in decline.

What ever gave you that idea?

Big kids need to know that breaking promises can be a rough game – you can get hurt.

The rant is probably more to do the sense of entitlement as in – “why is this my fault”.

To be glib, I refer to Baretta’s line where he says – “if you can’t do the time, don’t do the crime”

Damages: I don’t think there is a defined limit. The seller must make effort to mitigate the buyer’s loss by way of resale. In the current market that might be 25% to 30% of purchase price plus legal costs and interest.

Is there any legislation in BC that limits a sellers right to seek damages in the event that a buyer fails to close?