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. Five days go by and Listing Agent has not sent it back signed or submitted it to his office. Your next move is?

Answer:

A copy of the draft Statement of Claim, together with a letter stating that it will be issued and served tomorrow, in the event that the funds are not transferred immediately should be sent.

Go immediately to the lawsuit. The material is already drafted up. They will certainly know that you are then $75.00 away from litigation. If they are prepared to compromise, now will be the time.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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