What Happens If The Buyer Backs Out?

I often get asked... what happens if the buyer backs out after the deal is firm?🧐 It is a question that is on a lot of sellers' minds as they want to ensure that things can't go sideways prior to possession.😬 

Here is an example of a case in Ontario where the buyer had to back out, and the seller successfully sued them.👀 This is an absolute worst-case scenario, and something that I have never had happen to any of my clients.