More on Deposits

(Ontario)

Question:

I’m trying to find information about deposits. If schedule B says certified or draft, and a personal cheque is dropped off, can it be refused?

What about sending a picture of the draft and sending it by UPS, what timeline counts? When the picture was sent? Or when it shows up?

Would it be considered late if it showed up 24 hours plus the next morning?

Answer:

Assuming Schedule B does not conflict with Schedule A:

1. Yes
2. Useless information, timeframe n/a
3. n/a
4. n/a
5. yes, if it said upon acceptance.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com