#THECLOSERSDAILY : EPISODE 190: GIMME ALL YOUR MONEY

Let's cover another riveting topic in real estate. This one has to do with deposits on a contract. How does it work? Usually works one or two ways, you can either submit a deposit when you actually submit the offer, or you can have it upon acceptance. So if they accept your offer, what is that look like? Well, in a standard contract it has to be given to the selling brokerage within 24 hours of acceptance of the offer. If you're late on that they can actually try and squeak out of the deal. I've heard in Toronto when they hear another buyer is lined up they often try to do that, doesn't necessarily happen as much in our market, but it's something to be aware of. Now, once The brokerage receives that deposit, they've got five business days to get it into their trust account. A trust account is where the deposit is held while the buyers are fulfilling conditions so that it is protected. Typically they're non interest-bearing. Deposits work in a lot of different ways. You can put some stipulations in the schedule "A" of your contract. If you have any specific questions, hit us up in the DMs. Thank you for watching, we love you guys.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”