Tanya discusses the deposit and the misconception that it automatically goes to the seller….
Tanya Rankin: Tanya Rankin: Good morning! It’s Tanya Rankin in beautiful Williams Lake. Wanted to talk about the deposit that is made on an offer to purchase a real estate. I think that there’s a bit of a misconception out there that if the deal falls apart after subject removal that the seller gets to retain that deposit and unfortunately that’s not totally true it isn’t really a strong security for the seller. And the reason that is, is the only way a deposit can be release from a trust account. So whether it’s my trust account or another real estate office or a lawyer trust account is with the consent of both a buyer and seller. And obviously if there s a twenty or thirty thousand dollar deposit sitting on a contract of purchase and sale and the buyer tries to pull out after subject removal. Chances are it’s not gonna just say oh I’ll give that money to the seller he’s gonna fight for it. But, I mean in my experience this things don’t happen very often. I’ve never had that happen actually. But I have heard of it where people just assume that money will go directly to the seller and that’s not the case at all. So if you have any questions. You can always email me at email@example.com and I hope you have a great week.