Category: Deposits

Is a Deposit Refundable The British Columbia Court of Appeal recent released its decision in Tang v Zhang, 2013 BCCA 52, and expressly overturned the 2009 case of Agosti v Winter In Agosti, there had been a dichotomy of contractual language that either renders something a “true deposit” (which would be forfeit...

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The Standard Contract of Purchase and Sale was recently updated to add the word “non-refundable” to Paragraph 12 “12 TIME: Time will be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreements to pay the balance as may be necessary is entered into on or before the Co...

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By Peter Borszcz / Deposits, RESA /

A DEPOSIT is usually made from the BUYER in the BUYER’s AGENTS trust account and is held according to the stakeholder provisions of the Real Estate Services Act This means that the DEPOSIT can generally ONLY be released prior to completion where: it is paid into COURT or in accordance with a COURT ORDER; or ...

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