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Ask Debra Your Own Question
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100934
Experience:  Lawyer
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I have signed an offer to purchase a home and the offer is

Customer Question

I have signed an offer to purchase a home and the offer is conditional on a home inspection, a septic tank inspection and financing. I have given the seller's real estate agent's office a deposit of $5,000.00 but mistakenly got one word wrong in their business name. They cannot deposit the draft into the brokers trust account with that error. They want me to come and change the one wrong word. In the meantime I have found out that I am not able to put the financing together the way I thought it would work. If I do not correct the name on the bank draft for the deposit and take the deposit back and explain the financing is not going to wok out, can the seller sue me for the deposit?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

They don't get to keep the deposit.

It is not a non-refundable deposit.

If you are not waiving the conditions then the offer is dead and you get the deposit back.

Does that answer your question.