This is an interesting question and hundreds of thousands of dollars can turn on the answer. Recently, the Ontario Superior Court of Justice had to consider that question. The Buyers, …
Swimming Pool Clause which Needs Some Work
(Ontario) Here is a swimming pool clause which many agents seem to be using: “The Buyer and Seller acknowledge that the swimming pool was not operational at the time of …
Seller’s Options Following a Defaulted Transaction
Buyer requests an extension Question: Buyer can’t close on time (needs another month) and has given a $15,000 deposit with their original offer. They have exhausted all resources in every …
Deposits and Defaulted Deals
Question: What happens if the buyer doesn’t show up with the Deposit. There were no conditions. The deposit was never, ever paid. Answer: I have been involved in hundreds of …
Offer Containing a Pre-agreed Direction for the Deposit
Question: There are quite a few deals that are not closing these days. What can the industry do to protect the clients that are being left holding the bag when …
Releasing the Deposit Quickly in Ontario
Question: There are only a few ways that the deposit can be released from the real estate brokerages trust account, the mutual release being one of them. What if you …
Retain a Barrister to Recover the Deposit
Anyone who offers half the deposit already knows that they owe the entire deposit, so, they’ll fold. Real estate conveyancing (in-office paperwork) and Litigation are really two separate and distinct …
Get the Deposit Paid even with an Uncertified Cheque
Payment of the deposit is a “key” component in most agreements. If it’s not paid at all, that’s a breach. If it’s not paid “in time”, that’s also a breach. …
Deposit Proof for the Buyer
add a few dollars Question: I am still waiting for the Listing Brokerage to provide a deposit receipt? I am concerned about e-transfers, direct deposits and wire transfers. For some …
Deposit Receipt for the Buyer
Question: What is the rule for how quickly a brokerage has to provide a deposit receipt? I am concerned about e-transfers, direct deposits and wire transfers. Since the days of …