• Last Updated:
  • Sep 6th, 2007 12:41 pm
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[OP]
Jr. Member
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Jan 20, 2007
168 posts
8 upvotes

Private home Sale

I will be talking to my lawyer tomorrow, but in the meantime does anyone know the answer to this:
I had an offer on my home (deposit of $1000) only subject to Home inspection completed by the 7th. her bank did come for an appraisal already
but as tomorrow is the 6th, I have not heard a word from buyer. If she disappears at this point what happens to her deposit?? Thanks
2 replies
Deal Fanatic
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Jul 18, 2003
6274 posts
66 upvotes
Etobicoke
I assume the offer was accepted by you (with $1000 as deposit).

If so, and the buyer did not waive the inspection condition by the date/time specified in the condition, then the offer is null and void. You should return the deposit.

Of course, this assumes that the condition did specify as such (otherwise, the condition wouldn't be considered a condition).

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