What are two common myths about deposits?
Join Lawrence Mak and Brian Madigan as we discuss two very common myths regarding deposits for a real estate transaction and the potential liability you might face if you breach the contract.
Lawrence Mak, Broker | RE/MAX Realtron Realty Inc.
Brian Madigan, Broker | RE/MAX West Realty Inc.
0:34 Two Common Deposit Myths
0:49 Can you walk away from a contract by not submitting a deposit?
0:56 No, you can’t! It’s already firm
1:29 If you breach the contract, are you only liable for the deposit?
1:47 The buyer is responsible for any losses sustained by the seller
2:15 Often overlooked is damages will be more than the deposit
2:47 You can’t just give back the deposit and walk away
3:19 Real Estate Expert Witness Testimony, talk with Brian