Nova Scotia Real Estate Commission - Deposits

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What is the deposit and what is its purpose?

How much should my deposit be?

When is my deposit cheque cashed?

Why is the deposit cheque made payable “in trust”?

Why is it so important for me to ask questions of my Industry Member about my deposit and the conditions of the Agreement of Purchase and Sale?

The transaction collapsed within the terms of the agreement, when do I get my deposit back?

At what point in the transaction is the deposit released to the seller?

The transaction collapsed outside the terms of agreement, what happens to the now?

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© Nova Scotia Real Estate Commission, 2011 Last Updated: 25.11.09