The meaning of this statement should be quite clear. Apparently, it’s not. Many practitioners opt for the “kind of, sort of…” time. In other words, deadlines are just deadlines, if …
Forfeiture of Deposit: Is 12.5% too large?
The size of a deposit and whether it should be relieved from forfeiture was the subject of a recent decision in the Ontario Superior Court of Justice in Greco v. …
Structure the Good Faith Deposit Cautiously
Let’s assume that you are a Buyer submitting an Offer on a million dollar property. The expectation is that you will come up with a good faith deposit in the …
Seller Successful in Damage Award following Defaulted Transaction
The Ontario Court of Appeal dealt with a rather simple and straightforward case in Vatcher v. Quazi on 7 January 2019. The Buyer, Quazi purchased a property from the Seller, …
Deposit: Yes, but without the INTEREST
We may have a potential dispute. The Buyer submits a 5% deposit, that is, $100,000.00 on a $2 million sale. The difficulty is that there is a dispute between the …
Deposits (late delivery)
Question: What happens if the deposit is not delivered “in time”? Answer: If the contract says “upon acceptance”, then a deposit which arrives in 24 hours is late by one …
Deposit Sufficiency in Ontario
Question: How large should the deposit be? Answer: The deposit is a pre-estimate by the parties of the minimum liquidated damages that will be suffered by a Seller in the …
Getting the Deposit Back Quickly
(Ontario) Question: A deal falls apart on financing. As the Buyer’s Agent you send a mutual release right away as you want to get your buyer’s deposit returned to them. …
Schedule “B” Missteps (Upon Acceptance)
Schedule B is an extra schedule of terms and provisions included in an Agreement of Purchase and Sale by a Listing Brokerage. It’s not mandatory. A Listing Brokerage will often …
The Mitigation Timeline
The Superior Court of Ontario released a decision dealing with the facts in a case where a Buyer defaulted on the purchase of a property, and the Seller resold at …