Question: What about the following clause in Schedule “B” from the Listing Brokerage (not so much from the grammatical correctness standpoint). I am representing the Buyer. “This Offer is subject …
Deposit Holder and Interest
Have a look at the Deposit clause in the standard Form Agreement of Purchase and Sale: “………….by negotiable cheque payable to ……………………………………………………………………………………………………………. “Deposit Holder” to be held in trust pending …
Deposit in the Agreement of Purchase and Sale
When Due? The standard Form OREA Agreement of Purchase and Sale makes the following reference to the Deposit: “DEPOSIT: Buyer submits …………………………………………………………………………………………………………………….(Herewith/Upon Acceptance/as otherwise described in this Agreement) ……………………………………………………………………….Dollars (CDN$) …
When Does the Money Go Into the Brokerage’s Trust Account?
Under the Trust in Real Estate Services Act, the Brokerage must place any money which they receive “in trust” into their trust account within five (5) business days of receipt. …
Clocks Turn: When’s the Deposit Due?
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. …