Question: No deposit delivered on conditional deal. Does the buyer need a mutual release? I am certain the Seller does not plan to resell, and also the fact that the …
The Failed Deposit (Not Paid) – Remedies
What happens if the deposit is not paid? The Listing Agent inquired since he received the following message: “My clients have decided not to deliver the deposit cheque because the …
Deposit Cheque Delivery and Return
Question: The Buyer signs an offer on 4 March, 2022 at 10.00 am which includes the deposit cheque “herewith”. The irrevocable date is 10 March, 2022 at 6.00 pm. If …
Deposit not Delivered: REMEDIES
Question: An Offer is accepted, the deposit clause in the agreement states that the Buyer will bring deposit on “Saturday April X, 2020”. The Buyer doesn’t bring deposit… Is the …
Add Party and Amend Deposit Clause
Adding another Buyer by Amendment in Ontario From time to time only one of the prospective Buyers is able to execute the Agreement. For the purposes of mortgage financing, the …
Stacked Deals: Why Pay for Both?
The Buyer runs into a little bit of difficulty and cannot close on the purchase. That’s fine, the market tumbled unexpectedly and they ran into difficulty. It’s reasonable to pay …
Problem with a Late Deposit on Back-Up Offer
Ontario Question: First: My listing, the property is conditional (different buyer agent) on SBP (sale of the buyer’s property) with 48 hour escape clause. Second offer (not mine) comes in …
Market Drops, Buyer Defaults, Seller Gets Summary Judgment
We know that 2017 was not a good year for residential real estate. The general view that the real estate market is always going up is not necessarily true. In …
Relisting and Resale
(Ontario) Question: Can an agent relist a property on MLS without a signed mutual release for a previous deal? We were one day late with the deposit. Answer: If you …
Deposit Must Be Credited
This is an issue that arises from time to time. If you are already in the Court of Appeal, you might as well raise it, but on occasion a lower …