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 …
Deposits and the Mutual Release
Just the Direction Question: When it comes to releasing a deposit back to a buyer when a conditional deal doesn’t firm up (can’t fulfill Sale of Buyers’ Own Property, for …
Deposit: Automatic Forfeiture Clause in Schedule “B”
Question: I am acting for a Buyer and saw the below clause in Schedule B. “The Buyer hereby agrees that if the Buyer does not complete this transaction whether by …
Threatened Cancellation of Contract By Buyer Failing to deliver the Deposit
Question:I am the Listing agent acting on behalf of my client who is selling his condominium. I sold the condo conditional on Status and Finance yesterday. In fact, there were …
“Just Deposits” Course
The Course, “Just Deposits”, basically covers all you ever wanted to know about deposits. When it comes to deposits, ask yourself the following questions: Is a deposit necessary? What happens …
Counting the “days” for Cashing the Deposit
An issue that appears to occur on a regular basis is the proper computation of the number of days to cash the purchaser’s deposit. Let’s assume that the parties enter …
Deposit Forfeited in Full Notwithstanding Sustantially More than Actual Losses
Another case for the Ontario Court of Appeal to consider respecting the deposit forfeiture in a contract. The Court concluded that even though there were two additional plaintiffs who suffered …