No Return Policy

Purchase Conditions

At Coldwell Banker R.M.R. Real Estate, Brokerage (YorkDurhamHomes by Gerald Lawrence, REALTOR®), we strive to ensure transparency and fairness in every real estate transaction. Below are the terms and conditions governing conditional periods, deposits, and purchase agreements for different property types:

Resale Properties

Conditional Due Diligence Period
Buyers of resale properties are granted a conditional period of 5–10 business days (as outlined in the purchase agreement) to conduct inspections, secure financing, and complete due diligence.

• ✅ If you proceed: The purchase becomes firm and binding, and the transaction moves toward closing.
• ❌ If you withdraw: You may exit the agreement without penalty within the conditional period. All deposits will be refunded in full, with no deductions.
• ⏰ Timing: The exact conditional period length (5–10 days) will be confirmed in your contract.

New Construction Condos

10-Day Statutory Cooling-Off Period
Purchasers of new construction condos are protected by a mandatory 10-day review period under provincial law.

• 📝 Review your contract: Use this time to thoroughly review the purchase agreement, disclosure documents, and condo bylaws with your legal advisor.
• ❌ If you withdraw: You may cancel the agreement for any reason within 10 calendar days of signing. Your deposit will be returned in full.
• ⚠️ Note: This period is strictly for contract review—not for financing or inspections.

New Construction Homes

Firm and Binding Contracts
New construction home purchases operate under firm, unconditional agreements once the contract is fully executed with very few exceptions in the marketplace

• 🔒 No cooling-off period: Unlike condos, there is no statutory right to cancel after signing.
• 💼 Commitment: By signing, you agree to close the transaction on the agreed-upon date.
• ⚠️ Important: Ensure all terms (e.g., closing dates, finishes, warranties) are finalized before signing. Consult your lawyer to clarify obligations.

Key Notes

• Deposits: All deposits are held in trust and refundable only under the conditions outlined above.
• Legal Advice: We strongly recommend consulting a real estate lawyer before signing any agreement.
• Questions? Contact our team at link or visit https://geraldlawrence.realtor/contact-me

Last Updated: 2025
Learn More: For full details, review our Terms of Service or contact Coldwell Banker R.M.R. Real Estate, Brokerage.

This policy is subject to provincial laws and the specific terms of your purchase agreement. Always consult legal counsel for individualized guidance.

1. General Policy

At Coldwell Banker R.M.R. Real Estate, Brokerage, Gerald Lawrence, REALTOR®, we take pride in providing professional real estate services to buyers and sellers in the Greater Toronto Area. Due to the nature of real estate transactions, all sales are considered final once they become firm. As such, there are no returns, cancellations, or refunds beyond the conditions outlined in the agreement of purchase and sale.

2. Conditional Period for Buyers

For buyers, real estate transactions often include a conditional period as outlined in the agreement of purchase and sale. During this period, buyers may conduct inspections, secure financing, or meet other conditions necessary for the transaction to proceed. If any condition is not met within the specified timeframe, the buyer may be able to walk away from the transaction without penalty, provided this is done in accordance with the agreement terms.

3. Firm Transactions

Once all conditions have been satisfied, waived, or removed, the transaction becomes firm. At this stage, neither the buyer nor the seller can unilaterally cancel the agreement. No returns or cancellations are possible unless both parties mutually agree in writing to a release, which may or may not involve financial penalties.

4. Mutual Release & Penalties

If both parties agree in writing to cancel a firm transaction, a mutual release must be signed by both the buyer and seller. Depending on the terms of the agreement and the stage of the transaction, financial penalties or forfeiture of deposits may apply. Any such penalties will be determined based on the terms negotiated between the parties and their respective legal representatives.

5. Legal Implications

Real estate transactions are legally binding contracts. It is highly recommended that all parties review agreements carefully and consult with their real estate professionals or legal advisors before entering into a transaction. Understanding your obligations before committing ensures a smooth process and prevents unintended financial or legal consequences.

6. Contact Information

For further inquiries about our No Return Policy, please contact us:

Gerald Lawrence, REALTOR®
Greater Toronto Area, Ontario, Canada
🌐 www.GeraldLawrence.Realtor