Between acceptance and closing of a typical Ontario resale, who usually holds the buyer's deposit in trust?
Correct Answer
B) The listing real estate brokerage
In a typical Ontario resale, the deposit is paid to the listing brokerage as deposit holder and held in its real estate trust account until closing. Section 27 of the Trust in Real Estate Services Act, 2002 (TRESA) requires every brokerage to keep a trust account for money held in trust, and O. Reg. 567/05 s. 17 requires the deposit to be placed in it within five business days.
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An owner who leases her unit for $2,400 a month is $1,500 behind in common expenses. The corporation serves the tenant a written notice under s. 87 of the Condominium Act, 1998. What must the tenant do?
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