A deposit is not required for a contract to be binding.
However, if a deposit is included in the Contract of Purchase and Sale,
it must be paid strictly in accordance with the terms of the contract.
- If the transaction completes, the deposit is applied toward the purchase price.
- If the transaction does not complete, the treatment of the deposit will depend on the
terms of the contract and the surrounding circumstances.
The questions below help our office ensure the deposit terms are accurately
reflected in the contract and properly handled.