Canadian Real Estate/sold w/o realtor

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Expert: - 5/20/2011


Question
I have requested that the buyer remove all conditions 30 before closing, his offer was made several months ago,we are now living in another province, he wants 2 weeks before closing, I feel that is not realistic, what do you think is acceptable?
What is the industry standard amounts for a deposit on an offer?

Answer
Hello Barbara,
Typically when an offer is made on a property the conditions that go along with the offer (ie finance and inspection)are for a short period of time - usually 5 banking days. The only time that conditions are longer is for things like being conditional upon the sale of another property or reviewing of certain documents. Removing conditions 2 weeks prior to closing or even 30 days before closing is not usual in Ontario - perhaps it's different in your province but I wouldn't think so. Deposits differ from place to place - where I live its anywhere from $5,000 - $20,000 so that if someone defaults on the deal they are in jeopardy of losing a fair amount of money. I would advise that you consult with the Lawyer that is handling the closing for your home what advice they may be able to offer. If you have any other questions or need further clarification please do not hesitate to ask.
Regards,
Penny MacKenzie
www.burlingtonsbesthomes.com

Canadian Real Estate

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Penny MacKenzie

Expertise

General Residential Real Estate, Real Estate Agency, Real Estate Terminology, Real Estate Marketing

Experience

Penny MacKenzie is a full time Burlington Real Estate Agent with over 15 years of experience. An active member of the Burlington Business Community Penny is Past President of The Burlington Chamber of Commerce and Past Chair of Tourism Burlington. Penny has also served on the Board of Directors of the Burlington Art Centre Foundation. Penny is also past chair and co-founder of Party In Pink an incredible women only fundraiser for Breast Cancer Support Services. In just four short years this event has raised over $250,000 in support of women who are currently undergoing treatment for breast cancer. As a full time Realtor Penny is experienced in the Burlington and Area real estate market. She has personally handled all types of real estate transactions, however, she is an Experienced Residential Realtor, qualified to help families reach their residential home buying and selling goals.

Organizations
Hamilton-Burlington Real Estate Board, Oakville-Milton Real Estate Board, Ontario Real Estate Board, Canadian Real Estate Board

Publications
www.blogburlingtonsbesthomes.com

Education/Credentials
Licensed Realtor with Keller Williams Realty the fastest growing Real Estate Company in Canada!

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