A townhouse is a kind of detached house/apartment, so would probably be covered by your existing BRA. I advise you to have an open conversation with your current realtor about what`s wrong and take it from there. If the word “deposit” is used in a purchase and sale contract, even if it is not decisive or conclusive, it is indicated that the parties to the contract intended to keep the money in the event of a delay by the purchaser. This is, of course, a clause or condition concerning the repayment and/or forfeiture of deposit funds in the contract. In other words, the agreement remains silent on this subject. Thank you for your comment, Leonard. If you have any questions, please contact our real estate lawyers by emailing us directly or by phone at 905.731.1911. Buying a property is often a long and sometimes stressful process. However, a purchase and sale contract can be used to relieve some of the headaches around real estate transactions. They guarantee an agreed price and offer tangible deadlines that must be met. This allows both the buyer and the seller to be clear and to commit to what is expected of them going on sale. Negotiations can be conducted between the buyer and the seller to amend, add or remove the terms of the contract until both parties reach a consensus.
If the buyer and seller do not wish to continue because they do not agree, the real estate purchase contract can be cancelled. The contract may be cancelled even if the buyer`s conditions mentioned in it are not met. However, once the offer or counter-offer has been officially accepted, the buyer and seller are legally bound by its terms. If you leave a business, not only do you lose your down payment, but you may also be liable for damages caused to the other party, such as the missed opportunity to sell to another person, expenses resulting from a late move or the loss of the seller`s down payment to another home intended for purchase.