A buyer has entered into a contract for a condominium purchase. Can they cancel the contract based on prior ownership?

The buyer cannot cancel the contract based solely on prior ownership. In real estate transactions, especially when it comes to condominiums, the ownership history or prior ownership of the unit does not typically grant a buyer the right to cancel a contract. Once a contract has been executed, the terms of the agreement bind both the buyer and the seller, and cancellations usually need a valid legal basis outlined in the contract or specific statutory provisions, which do not include the prior ownership status of the unit.

Furthermore, the absence of any stipulation in the buyer's contract allowing for cancellation based on prior ownership further solidifies that they are bound to the agreement as it stands. Buyers should be aware that their rights to cancel a contract are generally limited and typically revolve around factors such as disclosures, financing contingencies, inspections, or similar conditions, rather than the ownership history of the property.