Deposit Timing and Delivery


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 it’s convenient. That means sometime on Saturday, not Monday when the Banks are open.


There are three choices on the pull-down menu on “WebForms”.

If you go with “as otherwise described” acting for a Buyer then you are fine. So, then, figure out when you can get the deposit over.

Business days are actually defined under REBBA. They mean “any day other than a Saturday”. It may be strange, but, that’s what it says. And, if you are not familiar with it, then it may just pop up to haunt you.

Banking days have no meaning and they don’t mean anything to the banking industry. Just look up the Bank Act for a definition. Nothing!

If you ever suddenly get the inspiration to use a concept other than the regular, straightforward calendar days, then be sure to have a definition of your “time for submitting the deposit days”.

If you make a mistake, and you are sued this mistake will be pointed out to the Court, even if they didn’t cause the damage. What is the Judge thinking? “Wow, that’s a lot of mistakes…. now let me turn my mind to the issue at hand.”

Brian Madigan LL.B., Broker

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