Common use of Buyer’s Deposit Clause in Contracts

Buyer’s Deposit. BUYER [ ] will deliver upon acceptance of offer [ ] has delivered at time of this offer $ in the form of to (Broker Office) escrow agent, who shall deposit same at (bank). The deposit will be refunded to BUYER if this contract is not accepted or fails to close for any reason not the fault of the BUYER. If BUYER fails to complete his/her contractual obligations, SELLER is allowed to keep the deposit and may also pursue other legal rights he/she has against BUYER. In the event of a dispute between the parties as to the release of the deposit(s) or to whom the deposits(s) are to be paid, the escrow agent is to retain the deposit(s), and it is agreed the deposit(s) shall be held until the parties execute a written agreement to release the funds, or a court determines the rights to the funds, or as otherwise set forth herein. In such event, either party may commence an action to determine the validity of any and all claims to the deposit(s). The parties consent to the jurisdiction of any court in the county in which the premises are located for any such action and waive rights to a jury trial in any such action. In the event neither party commences such action within One Hundred Eighty (180) calendar days from the date the Purchase and Sale Contract is terminated by written notice to either party (written notice to be by the Buyer and/or their attorney or the Seller and/or their attorney), the funds shall be released by the escrow agent to the Buyer, and the escrow agent will have no further obligation to any party with respect to the deposit(s). The escrow agent will not be liable for any amount greater than the actual amount of said deposit to any party in the event that disbursement is not made at the time or is delayed for any reason. Notwithstanding the foregoing, the funds shall be held for so long as an action is pending for the determination of claims to the deposit(s) and the plaintiff in said action has notified the escrow agent in writing of the commencement of said action. The release of the deposit(s) as set forth herein shall not prejudice the rights of either party to pursue any other actions or proceedings.

Buyer’s Deposit. BUYER [ ] will deliver upon acceptance of offer [ ] has delivered at time of this offer $ in the form of to (Broker Office) escrow agent, who shall deposit same at (bank). The deposit will be refunded to BUYER if this contract is not accepted or fails to accepted. If the contract does not close for any reason not other reason, the fault of escrow money may be released pursuant to a written agreement to release the BUYER. If BUYER fails to complete his/her contractual obligationsfunds, SELLER is allowed to keep the deposit and may also pursue other legal rights he/she has against BUYERentered into by both parties. In the event of a dispute between the parties as to the release of the deposit(s) or to whom the deposits(sdeposit(s) are to be paid, the escrow agent is to retain the deposit(s), and it is agreed the deposit(s) shall be held until the parties execute enter into a written agreement to release the fundsagreement, or until a court Court determines the rights to the funds, or as otherwise set forth herein. In such event, either party may commence an action to determine the validity of any and all claims to the deposit(s)deposits. The parties consent to the jurisdiction of any court in the county in which the premises are located for any such action and waive rights to a jury trial in any such actionaction . The parties agree that a Judgment from a small claims court in favour of either party shall be sufficient to allow the release of escrow funds to that prevailing party. In the event that neither party commences such action within One Hundred Eighty (180) calendar days from the date the Purchase and Sale Contract is terminated by written notice to either party (written notice to be by the Buyer and/or and /or their attorney or the Seller and/or their attorney)., the funds shall be released by the escrow agent to the Buyer, and the escrow agent will have no further obligation to any party with respect to the deposit(s). The escrow agent will not be liable for any amount greater than the actual amount of said deposit to any party in the event that disbursement is not made at the time or is delayed for any reason. Notwithstanding the foregoing, the funds shall be held for so long as an action is pending for the determination of claims to the deposit(s) and the plaintiff in said action has notified the escrow agent in writing of the commencement of said action. The release of the deposit(s) as set forth herein shall not prejudice the rights of either party to pursue any other actions or proceedings.

Buyer’s Deposit. BUYER [ ] will deliver upon acceptance of offer [ ] has delivered at time of this offer $ in the form of to (Broker Office) escrow agent, who shall deposit same at (bank). The deposit will be refunded to BUYER if this contract is not accepted or fails to close for any reason not the fault of the BUYER. If BUYER fails to complete his/her contractual obligations, SELLER XXXXXX is allowed to keep the deposit and may also pursue other legal rights he/she has against BUYER. In the event of a dispute between the parties as to the release of the deposit(s) or to whom the deposits(s) are to be paid, the escrow agent is to retain the deposit(s), and it is agreed the deposit(s) shall be held until the parties execute a written agreement to release the funds, or a court determines the rights to the funds, or as otherwise set forth herein. In such event, either party may commence an action to determine the validity of any and all claims to the deposit(s). The parties consent to the jurisdiction of any court in the county in which the premises are located for any such action and waive rights to a jury trial in any such action. In the event neither party commences such action within One Hundred Eighty (180) calendar days from the date the Purchase and Sale Contract is terminated by written notice to either party (written notice to be by the Buyer and/or their attorney or the Seller and/or their attorney), the funds shall be released by the escrow agent to the Buyer, and the escrow agent will have no further obligation to any party with respect to the deposit(s). The escrow agent will not be liable for any amount greater than the actual amount of said deposit to any party in the event that disbursement is not made at the time or is delayed for any reason. Notwithstanding the foregoing, the funds shall be held for so long as an action is pending for the determination of claims to the deposit(s) and the plaintiff in said action has notified the escrow agent in writing of the commencement of said action. The release of the deposit(s) as set forth herein shall not prejudice the rights of either party to pursue any other actions or proceedings.

Buyer’s Deposit. BUYER [ ] XXXXX will deliver upon acceptance of offer [ ] has delivered at time of this offer $ $3,000 in the _____________________ ________________________________________ form of Check _______________________________________ deposit same at Xxxxxxxx Trust to Xxxxxx Real Estate (Broker Office) escrow agent, who shall deposit same at (bank). The deposit will be refunded to BUYER if this contract is _______ _______ _______ _______ ____________ ____________ not accepted or fails to accepted. If the contract does not close for any reason not other reason, the fault of escrow money may be released pursuant to a written agreement to release the BUYER. If BUYER fails to complete his/her contractual obligationsfunds, SELLER is allowed to keep the deposit and may also pursue other legal rights he/she has against BUYERentered into by both parties. In the event of a dispute between the parties as to the release of the deposit(s) or to whom the deposits(sdeposit(s) are to be paid, the escrow agent is to retain the deposit(s), and it is agreed the deposit(s) shall be held until the parties execute enter into a written agreement to release the fundsagreement, or until a court Court determines the rights to the funds, or as otherwise set forth herein. In such event, either party may commence an action to determine the validity of any and all claims to the deposit(s)deposits. The parties consent to the jurisdiction of any court in the county in which the premises are located for any such action and waive rights to a jury trial in any such actionaction . The parties agree that a Judgment from a small claims court in favour of either party shall be sufficient to allow the release of escrow funds to that prevailing party. In the event that neither party commences such action within One Hundred Eighty (180) calendar days from the date the Purchase and Sale Contract is terminated by written notice to either party (written notice to be by the Buyer and/or and /or their attorney or the Seller and/or their attorney)., the funds shall be released by the escrow agent to the Buyer, and the escrow agent will have no further obligation to any party with respect to the deposit(s). The escrow agent will not be liable for any amount greater than the actual amount of said deposit to any party in the event that disbursement is not made at the time or is delayed for any reason. Notwithstanding the foregoing, the funds shall be held for so long as an action is pending for the determination of claims to the deposit(s) and the plaintiff in said action has notified the escrow agent in writing of the commencement of said action. The release of the deposit(s) as set forth herein shall not prejudice the rights of either party to pursue any other actions or proceedings.