Resiliation of promise to purchase — Tax impacts

By Jonathan Éthier and Joshua Lasry ( July 7, 2022, 11:30 AM EDT) -- In real estate matters, a promise to purchase (or offer) is a preliminary contract preceding the conclusion of a deed of sale between a seller and a buyer. The promise of purchase is a legal mechanism by which a potential buyer indicates to a seller his willingness to purchase a given property under certain financial or other conditions (for example, obtaining necessary financing or a property inspection)....