How sure are you on that? I would have thought the "consideration" would have been the purchase price/property being sold. The deposit is just part of the transaction.
https://www.thestar.com/business/person ... osits.html
https://eriesedge.com/2015/06/real-estate-depositsCan the buyer get out of a deal by refusing to pay the deposit?
No. Once the deal is accepted, you can’t change your mind. If you do, the seller can sell the property again and if he gets less money than you were going to pay the seller can sue you for the difference, plus legal fees.
https://torontorealtyblog.com/blog/buyer-get-deal/2. Can the buyer get out of a deal by refusing to pay the deposit?
No. Once the agreement of purchase and sale has been accepted by both buyer and seller, a binding contract exists. Failure to deliver the deposit may be determined a breach of contract by the Buyer.
I’ve heard it said that a good lawyer will be able to get a client out of a real estate contract should the buyer change his or her mind. This is not the case in my experience. Your REALTOR® should understand contract law and all of the complexities and legalities to making certain that real estate contracts are airtight once all conditions have been waived or fulfilled.
Should a buyer wake up the morning after with a serious case of buyer’s remorse and refuses to pay the deposit, the seller can sell the property to another buyer. In the event that the seller gets less money than the initial buyer agreed to pay the seller can sue the buyer for the difference (plus legal fees).
CIf the buyer, the morning after the deal is reached, does not provide the deposit cheque, then the seller can sue the buyer for not following through with the transaction.