Purchase of Real Property and the “Lawyer Approval” Clause
In recent years, some Canadian cities have experienced a dynamic shift in their housing market. Market factors such as a strong global economy, an increased desire amongst foreign buyers to own Canadian real property, the influx of out…
Who keeps the Deposit when the Purchaser fails to complete?
A recent Court of Appeal judgement, Tang v. Zhang, has moved towards clarifying the law surrounding the forfeiture of deposits in British Columbia real estate transactions when the purchaser fails to complete. The case in question involved a…