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Deposit with offer to purchase

invst4profit

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Aug 29, 2007
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As everyone knows when making a offer to purchase a deposit is provided to the real estate agent as a offer of good faith.

For those on REIN that are agents could you explain exactly what your legal responsibilities are regarding this particular aspect of the selling/purchasing process.



I am involved in a situation as a landlord where I have refused the assignment of a mobile home park lot. For those that may not be familiar any individual wishing to purchase a mobile home in a park must be approved by the park owner. The seller in essence is asking permission to assign the lot to the potential new home owner.

The potential buyer, in this case, offered a deposit to the real estate agent and she refused to take it.

Clearly she had reasons to believe it was not a legitimate offer and that the seller and buyer were working a scam of sorts. As a result of the games they were playing I am now in the position of having to defend my rejection of the assignment and am looking for as much ammunition as possible to defend my decision at the LTB.

I am curious if this in any way effected the legitimacy of the offer. Any comments from experienced real estate agents.



How common is it that the agent does not accept a deposit with a offer and how would that be viewed within the industry.



To be fair to the agent she was extremely uncomfortable in approaching me regarding the offer and was very apologetic. She clearly knew she was in the middle of a very difficult situation.
 
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