Real Estate Deposits
Buying a home is one of the biggest–and most stressful–decisions in life.
Perhaps you searched hard and long, viewing dozens of properties with your professional Realtor before finding your dream home. Perhaps you fell in love with the first one you saw (as I did), and took a calculated risk. Either way, once you commit to make a purchase, the seller is owed a deposit as a gesture of good faith.
A good Realtor will help you make a sound decision, and keep emotions out of the equation. Having solid market data and advice from a professional provides peace of mind, and reduces the likelihood of a purchaser experiencing buyer’s remorse.
A signed offer accepted by the seller is a legally binding contract, regardless of whether the deposit cheque accompanied the actual offer (as is common in the Toronto market) or not. This is why it is critical to have a reputable, experienced agent like myself working for you to ensure you understand the paperwork you are signing.
Read more about issues surrounding real estate deposits in this Toronto Star article: