If you have not paid the down payment until the agreed time, the seller`s lawyer can inform you that you must pay three business days. If you do not pay the down payment during this period, the seller can terminate the contract at any time by promising to terminate it. However, if you pay the down payment before notification, the contract will not be terminated, even if you sent the notification. While their reason for retiring is not very important, it is his timing. If a seller decides to withdraw the acceptance of your offer before signing a sales contract (and having handed over your deposit of money seriously), there is unfortunately not much you can do. Once you have agreed on any of these points, you should write and have a sales contract signed to guarantee your right to buy the property. As a general rule, the buyer`s representative writes the sales contract. However, unless they are authorized by law to practice law, real estate agents generally cannot establish their own legal contracts. Instead, companies often use standardized form contracts that allow agents to fill gaps with sales specifics. It`s true! If a seller decides to terminate your sales contract in a way that is not authorized by the contract, you may have the right to sue for infringement. Therefore, this option is probably a seller`s last resort. While contingency can be an important safety net for buyers, it is important that you meet your obligations as a buyer, or you risk losing your serious money deposit or being forced to buy the property. Your obligations include meeting the deadlines and deadlines set out in the sales contract.
At this point, the real estate agent representing the buyer usually sets up a trust with a trust company to complete all the paperwork. The seller sends each deposit cheque to the seller`s real estate agent (called « Listing Agent ») for deposit into the trust account. (The bond is generally used as a sign of good faith between the parties.) The buyer continues to complete all financing necessary to purchase the house.