The clocks were all set back one hour on 5 November 2023. This is a time when many real estate agents want to get their message out to the public: …
No Deposit: Agent’s Responsibility
If the purchaser fails to deliver the deposit, whose responsibility is this? What is the role of the agent? The Real Estate Council of Ontario (RECO), the regulating body for …
Pursue Various Avenues for Financing
Question: Can a Mutual Release be sent before the deposit cheque is given in? Offer is conditional on mortgage financing. This is the day after acceptance and deposit cheque is …
Deposit Delivery: Buyer Becomes Ill
Question: Seller just accepted an offer on Friday night (of a long weekend). The Buyer’s agent texted me this morning saying his client hurt her leg on the stairs and …
Limit the Liability on the Purchaser
We previously looked at a very straightforward situation. The husband and wife are trade up Buyers. They wish to sell their $1 million dollar property and buy a $2 million …
Limit Liability for Husband and Wife as Buyers
We have a very straightforward situation. The husband and wife are trade up Buyers. They wish to sell their $1 million dollar property and buy a $2 million dollar property. …
Seller Sues on Two Transactions
The Seller will sue the defaulting Buyer both on the sale and on the purchase. Why should the Buyer get stuck with damages on the second deal? Wasn’t that the …
Automatic Release of Deposit Clause
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 …