From the Vancouver Sun: Developer sues buyers for backing out of presales agreements.
Another Metro Vancouver developer has launched a flurry of lawsuits against buyers attempting to walk away from pre-sale contracts in one of its developments.
In January, Amacon filed suit against seven buyers in its Morgan Heights project.
This time it is Onni, the developer that is also attempting to unload hundreds of unsold condominium units in developments around Metro Vancouver, that is suing 20 buyers in the Aria 2 building of its Suter Brook community in Port Moody.
The statements of claim, filed on Jan. 21, accuse the buyers of breaching their contracts for not closing on their specified purchase dates, and seek to claim the deposits buyers paid as well as additional potential damages.
In the claim, Onni said it “has suffered and will continue to suffer additional loss, damages and expense,” including reduced property value at resale, commissions to realtors, marketing costs and legal fees.
The trend that’s not everyone’s friend..
Hat-tip to bdk for the link.