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What Happens When the Buyer's Deposit Doesn't Show Up?
November 3rd 2015
DEPOSIT on an OFFER: Did you know that the standard offer has a 24 hour window to deliver the deposit cheque to the listing brokerage if the deposit is required upon acceptance of an offer?
If you not able to wire, courier or deliver the deposit cheque in a timely manner you may be in breach of contract and risk the seller trying to cancel the deal. The late deposit doesn't allow the buyer to get out of the deal but may give the seller grounds to cancel the deal if they change their minds. If you can't be sure that 24 hour window will be adequate have your agent adjust the pre-printed form to 48 or 72 hours to ensure you are not at risk.
Sellers should seek legal counsel before accepting any other offer if they find themselves in this situation during the conditional period.