We've accepted a registered offer on our home. We now have sellers’ remorse and would like to reject it before the home inspection. Can this be done? We have signed with a real estate firm.
Answer:
Your question is a little short on information.
However, let me make some further assumptions:
1) the property is listed through the MLS system, 2) you signed the standard form MLS agreement, 3) the offer was indeed accepted, so that you have a binding agreement, 4) the buyer’s deposit has … (3 comments)
Sometimes the deposit is just not paid. I know that it’s supposed to be paid. What happens if the purchaser doesn’t pay the deposit? Can the vendor get out of the deal? Can the vendor simply sell the property to someone else? The law on this subject somewhat favours the defaulting purchaser. The Courts look at the failure to provide the deposit as required as a simple breach of contract, and the remedies afforded to the vendor are the same as any other breach. The common deposit requirements … (3 comments)
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