Failed Deposits Have Consequences

By
Commercial Real Estate Agent with RE/MAX West Realty Inc., Brokerage (Toronto)

Failed Deposits

If the Buyer enters into an Agreement of Purchase and Sale, there are consequences if the deposit is not paid:

  •         A late deposit is a breach of contract,
  •         That particular breach is a breach of an essential term of the contract,
  •         This breach gives rise to certain rights in favour of the Seller,
  •         The Seller may terminate the Agreement by declaration, ending any and all obligations under the contract that the Seller may have had.

Let me know if you would like to discuss this?

 

Brian R. Madigan LL.B., Broker
RE/MAX West Realty Inc., Brokerage
416-745-2300

 

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Yes, this is a much more serios thing than most agents think it is.

Nov 27, 2016 03:12 PM #1
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Brian Madigan

LL.B., Broker
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