Tagged: Contract of Purchase and Sale

Forfeiture of Deposit - Greater Vancouver Real Estate 2012

Forfeiture of Deposit – Greater Vancouver Real Estate 2012

Section 12 of the standard Contract of Purchase and Sale provides that unless the balance of the purchase price is paid on the completion date “the Seller may, at the Seller’s option, terminate this Contract, and, in such event, the amount paid by the Buyer will be absolutely forfeited to the Seller…on account of damages without prejudice to the Seller’s other remedies.”