Seller’s Deposit Clause

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 …

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”, …

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 …