WHEN A REAL ESTATE DEAL DIES – WHO GETS THE DEPOSIT?

Contributed by Albert S. Frank

Especially when real estate values sag, some buyers will refuse to go ahead with an agreed purchase. Can the buyer refuse, and get the deposit back?
If the buyer has a solid legal basis for refusing, the buyer should get the deposit back. If not, the seller generally should get the deposit, and might be entitled to additional damages.

 
A real estate brokerage typically holds the deposit. In my experience the brokerage will refuse to give the deposit to anybody unless:
(1) the two sides agree, or (2) a Court tells the brokerage who to pay.

 
So, the buyer or seller can go to Court if they cannot agree about the deposit.

 
Albert S. Frank – Lawyer, Cabbagetown Law Chambers
203 – 603 ½ Parliament Street  Toronto, Ontario M4x 1P9
Phone: 416 929 7202  afrank@FrankLaw.ca www.franklaw.ca

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