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. The remedy, called « specific performance » (so that you conclude the purchase) is an unlikely event, but a court could still make you responsible for the entire purchase price, plus costs and legal costs. For more information on buying or selling a home, contact the Ontario Real Estate Association or visit orea.com. This is perhaps the most coveted next step in the process for most buyers. For the purchase of a property, an offer is considered « contractual » if it has been accepted in writing and signed by both parties. This written contract is called a sales contract. Before you sign a list agreement, ask your agent if you can be released for any reason, even if it`s for this reason: « Hey, I want to make a list with another broker. » If your agent says « no, » you may not want to list with that company. Why, I ask you, why would you list with a company that does not guarantee your satisfaction with its services? If an agent says it is a corporate policy, it is not a business you want to do business with. Period. Next broker, please. The buyer refuses to sign the instructions. Instead, the buyer requires the seller to sign conflicting instructions that release the entire down payment to the buyer and request the termination of both the trust instructions and the sales contract.
[See RPI form 181] If one of the parties acts in violation of the terms of the contract, the offer may be rightly cancelled. There may be a legitimate dispute between the buyer and the seller over the buyer`s right to down payment if a transaction is not concluded. [CC Nr. 1057.3 (f) (2)] Interest on your down payment must be refunded to you (the buyer) as soon as the transfer is made, but only if a written instruction is given to the carrier. If an eventuality described above in your offer is not satisfied, you usually have two options: renegotiate with the seller to obtain a mutual satisfaction point or withdraw the offer and terminate the contract.