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 …
Unpaid Deposits and the Contract
What happens if the purchaser doesn’t pay the deposit? Can the vendor get out of the deal? Can the vendor simply sell the property to someone else? The Courts look …
Throw More Money into the Deal, But Not as a Deposit
Throw More Money into the Deal, But Not as a Deposit Question: I am acting for a Buyer, and I would like to demonstrate some additional good faith and hopefully …
Seller’s Preferred Deposit Clause
If the deal doesn’t close, the Seller wants the deposit as soon as possible. Many agreements will have various references to getting the deposit if the buyer is in default. …
Deposit Not Forfeited if Builder Can’t Close
In a recent case, the Ontario Court of Appeal concluded that if the Builder has not reached substantial completion on the date of closing, then, it cannot keep the Buyer’s …
The Deposit is an Unnecessary Term in an Agreement
Unpaid Deposit Many people will argue that there is no contract unless the deposit has been paid. So, in effect, there is a slight waiting period before we have a …