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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 15: Default and Dispute Resolution

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 15: Default and Dispute Resolution

December 10, 2015
Tanishia Stokes
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Default                                                                                        

Part 15 discusses the two different types of defaults the can occur under the Contract. The first type of default is the Buyer’s default. If the Buyer does not perform the Buyer’s obligations under the Contract within the time requirement specified in the Contract, the Seller can recover the Deposit as agreed upon liquidated damages, consideration for execution of the Contract, and as a settlement of any claims. This would therefore release Buyer and Seller from any further obligations under the Contract. Seller also has the option of pursuing dispute resolution as detailed in Paragraph 16 of the Contract. The portion for the Deposit that was paid to the Listing Broker must be split equally between the Listing Broker and the Cooperating broker when the Buyer defaults. Also, the Cooperating Broker’s share must not be greater than the commission that the Listing Broker previously agreed to pay the Cooperating Broker.

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