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