Legal options if buyer breaks APS contract

[Andrew Tam]

Hi everyone,

I'm selling my first investment property (Ontario) via an agent. I recently had an offer from a potential buyer and we signed the APS. The buyer never made the deposit within 1 business day and wants to back out now. Would that be a breach of the contract already?

There are also 2 clauses to be waived upon satisfactory inspection and contacting regulatory authorities for due diligence. The buyer wants to back out now and has not provided justification within the confines of the clauses.

I'm curious to know what my options are. Is legal action worth it?

I'm learning lots from reading the forum. I didn't expect this to happen on my first property.

Any advice or suggestions is greatly appreciated.

Thanks in advance.