RE/MAX Condos Plus Corp. Brokerage
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Welcome to Inside the Real Estate Market. I’m Jamie Johnston, Broker/Owner of RE/MAX Condos Plus
One of the most misunderstood issues in real estate is the deposit. The primary problem is our own real estate forms.
Many Buyers and Tenants think that if they don’t provide a deposit, the deal is dead. That’s not what the Offer says. Usually it says that the deposit is due upon acceptance, even if there are outstanding conditions. Now, the Standard Offer goes on to say, "upon acceptance is defined as within 24 hours".
So, what happens after 24 hours have passed? The deal is not dead, because the deposit is not a condition of the Offer. Buyers and Tenants can still be sued for failure to carry out the Agreement.
The only way to end the Agreement is by signing a Mutual Release. Many Buyers and Tenants don’t know that and think they can just walk away. What is really sad is that there are a number of agents who don’t understand the deposit wording either. A simple solution is to add a clause to the Offer that states that the Offer is conditional on receiving the deposit within the 24 or maybe a 48-hour period, Otherwise the Offer is dead and voided.
I’m Jamie Johnston

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