The issue presents itself with every failed transaction. Sign the Mutual Release, give the Buyer his deposit and move on. But, is that really the best idea? In a number …
Brokerage’s Schedule “B” Deposit Clause favouring Sellers
Here’s a clause being used by some Listing Brokerages, as set out in their Schedule B’s: “Once this Agreement becomes unconditional, should the Buyer fail to complete this agreement on …
Payment of the Deposit and Selecting the Correct Clause
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 …