Sometimes the deposit is just not paid. I know that it’s supposed to be paid. What happens if the purchaser doesn’t pay the deposit? Can the vendor get out of …
Seller’s Remedies Having Signed a Mutual Release
You can probably imagine that a Seller may be upset, sign a Mutual Release and then regret it afterwards. This would particularly be the case if the Seller felt that …
Seller’s Options with a Failed Deposit Cheque in a Conditional Deal
On occasion, Buyers’ agents are rushed and they just don’t get around to things. Fred was acting for Barney who wanted a house to renovate in the west end. He …
30 Rules Relating to Deposits
Deposit Issues A deposit is not required to make a contract enforceable A deposit is a sign of good faith All deposits are non-refundable A refundable deposit must be specified …
Suing for the Unpaid Deposit
Bob submits an Offer on Bill’s property for $890,000 with a $50,000.00 deposit, which Bill accepts. One little problem: Bob fails to pay the deposit. The Offer said “upon acceptance”, …
Bidding Wars – High Bidder and Property Appraisal Issues
There is a relatively new phenomenon involving the failure of a property to meet appraisals standards, following bidding wars. So, let’s look at a scenario. Bob puts his property on …
Moving the Deposit from one Agreement to Another
Obviously, you are going to need a clause for this. I am assuming that you have a deal between the Seller and the Buyer with a deposit paid to the …
Old Expired Offer
Question: Can you simply accept an old expired Offer to get things going again? That is, place new dates on it? Answer: The correct documents are, of course, a brand …
Mutual Release Signatures
Question: Is the signature of the Broker of Record or Manager of a Brokerage required for a Mutual Release in order to release the deposit? Answer: This is a rather …
Late Deposit
Question Buyer’s deposit cheque arrives late. Buyer proceeds with fulfilling conditions and submits necessary documents. Seller requests preparation of mutual release and signs same. Buyer refuses to sign. Is the …
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