Question:
If a buyer brings deposit for the property after 24 hours of offer acceptance; does the purchase and sale agreement need to be amended for the deposit time?
Answer:
Straightforward question! Assuming that the contract said “upon acceptance”, the definition in the standard from OREA APS extended that to “within 24 hours”.
Actually, that means that 24 hours is too late! The Buyer has 23:59:59 hours to deliver the deposit, otherwise, it’s too late. If it’s too late, the Buyer is in breach and the Seller can terminate the agreement, sell to another Buyer without notice and sue for damages.
So, that extra one minute would be crucial. The best course of action would be to get permission to deliver it “late” without penalty or consequence.
Brian Madigan LL.B., Broker