If the deal doesn’t close, the Seller wants the deposit as soon as possible. Many agreements will have various references to getting the deposit if the buyer is in default. …
Deposit Not Forfeited if Builder Can’t Close
In a recent case, the Ontario Court of Appeal concluded that if the Builder has not reached substantial completion on the date of closing, then, it cannot keep the Buyer’s …
The Deposit is an Unnecessary Term in an Agreement
Unpaid Deposit Many people will argue that there is no contract unless the deposit has been paid. So, in effect, there is a slight waiting period before we have a …
Tried to Negotiate the Deal after the Contract was Unconditional
Pollard v. Perry Ms. Perry submitted an Offer on10 Golfview Drive, Collingwood, Ontario. The listing price was $995,000. The sale price agreed to was $1,050,000.00. The agreement was unconditional. Actually, …
Deposit Clause with Automatic Forfeiture Provision
Here’s an interesting clause found among some Schedule B’s: “Once this Agreement becomes unconditional, should the Buyer fail to complete this agreement on the completion date, at no fault of the …
Unnecessary Deposit Clause in Schedule “B”
Here’s a mandatory schedule “B” that states: “The Buyer (s) acknowledges that by execution of this Agreement of Purchase and Sale, they are creating a binding Agreement, whether or not …
Buyer In Default Resurfaces
Question: So confirmation of acceptance is signed. Both parties complete acknowledgement. Buyer does not deliver deposit. Buyer is in breach of contract. Seller doesn’t sign mutual release. Seller relists home, …
The Non-Refundable Deposit Issue
Securing the Deal for the Vendor There are many situations where a Vendor would like to ensure that the Buyer brings a good deposit to the table and as time …
Deposits in Conditional Deals
Question: No deposit delivered on conditional deal. Does the buyer need a mutual release? I am certain the Seller does not plan to resell, and also the fact that the …
The Failed Deposit (Not Paid) – Remedies
What happens if the deposit is not paid? The Listing Agent inquired since he received the following message: “My clients have decided not to deliver the deposit cheque because the …