Podcast 3: What happens when a transaction does not close?

Market Update  (April 2021)  Body: - If deposit is not dropped off is the deal automatically dead? - Meaning of “time is of the essence” - If an offer is signed on Saturday at 2pm, when does the deposit need to be dropped off? - what happens if the deposit is received late? - meaning of void and voidable - does the deposit need to be certified / bank draft or can it be regular cheque - If firm offer is accepted is buyer compelled to close? what happens is buyer changed their mind? what damages is the seller owed? - if firm offer is accepted is seller compelled to close? what happens if seller changes their mind? what damages is the buyer owed? - How secure is the brokerage’s trust account? - What happens to trust funds if there is a dispute? - What amount of deposit should a buyer be prepared to give? - Does the size of deposit matter? - How have courts ruled when market softened in 2017 and buyers breached their contracts? - what can buyer expect from our court system for breaches during covid?