From time to time agents run into problems with the deposit clause in the standard Form OREA Agreement of Purchase and Sale. OREA Deposit Clause This is what it says …
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 …
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 …