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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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We have a real estate contract with a buyer from China, they

Customer Question

We have a real estate contract with a buyer from China, they have a 35,000 deposit. Now we find out that they are pulling out as they say they can not transfer any more money out of China as they have reached their limit. Do we have to return the deposit? As per the contract under "Buyer Financing" it states "Subject to a FIRST MORTGAGE being made available to the Buyer(s) at current interest rates by March 2016. This condition is for the sole benefit of the buyer(s). Uncertified cheque is held by Realtor. Realtor office is handling both buyer and seller (different agents). We question if they looked for mortgage and are they obliged to search Canadian financing as they returned to China the next day.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Are you saying that they are not willing to waive that condition for financing?