Question: This is a Clause contained in a Schedule B to be added to the Agreement of Purchase and Sale. Is it enforceable etc? RELEASE OF DEPOSIT: Once this Agreement …
Deposit Directions
There are naturally times when you don’t want to execute a mutual release but you are prepared to return the deposit. All you need is a Direction, and this is …
Deposit Timing and Delivery
Question: If an offer is accepted on a Friday and your buyers cannot get the deposit in until Monday, please address that in the offer!!! It says 24hrs, not when …
Deposits and the Mutual Release
Just the Direction Question: When it comes to releasing a deposit back to a buyer when a conditional deal doesn’t firm up (can’t fulfill Sale of Buyers’ Own Property, for …
Deposit: Automatic Forfeiture Clause in Schedule “B”
Question: I am acting for a Buyer and saw the below clause in Schedule B. “The Buyer hereby agrees that if the Buyer does not complete this transaction whether by …
Threatened Cancellation of Contract By Buyer Failing to deliver the Deposit
Question:I am the Listing agent acting on behalf of my client who is selling his condominium. I sold the condo conditional on Status and Finance yesterday. In fact, there were …
“Just Deposits” Course
The Course, “Just Deposits”, basically covers all you ever wanted to know about deposits. When it comes to deposits, ask yourself the following questions: Is a deposit necessary? What happens …
Counting the “days” for Cashing the Deposit
An issue that appears to occur on a regular basis is the proper computation of the number of days to cash the purchaser’s deposit. Let’s assume that the parties enter …
Deposit Forfeited in Full Notwithstanding Sustantially More than Actual Losses
Another case for the Ontario Court of Appeal to consider respecting the deposit forfeiture in a contract. The Court concluded that even though there were two additional plaintiffs who suffered …
Unpaid Deposits and the Contract
What happens if the purchaser doesn’t pay the deposit? Can the vendor get out of the deal? Can the vendor simply sell the property to someone else? The Courts look …