Contracts of Purchase and Sale often contain a clause that the deposit is due within a certain time after acceptance of the contract. Therefore, the final acceptance date becomes important as to when the deposit is due for deposit in the brokerage’s trust account.
WHEN THE OFFER IS INITIALLY MADE BY BUYER it’ll be open for acceptance until a certain time. There should always be a time inserted.
IF SELLER ACCEPTS ALL TERMS, EXCEPT PRICE, they sign and date their acceptance and counter the price. Seller’s counter-offer is open until a specific time.
BUYER REVIEWS COUNTER OFFER and counters back the price, with an open for acceptance date.
SELLER ACCEPTS BUYER’S COUNTER OFFER and initials the price change and time change. This then becomes the final date of acceptance and starts the clock with respect to the requirement for the deposit. For instance, the clause “$1000 deposit upon 24 hours of acceptance of offer”.
Real Estate Council of BC requires that the managing broker ensures that all parties to an agreement giving effect to a trade in real estate are immediately notified if a) a deposit has not been received as per the contract or b) a deposit cheque received by the brokerage has not been honoured. Council Rules require a Notice must be given in writing.
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