When must a deposit typically be submitted after an offer to purchase is accepted?
Correct Answer
B) Within 24 hours of acceptance
Standard real estate practice in Canada requires that deposits be submitted within 24 hours of offer acceptance, unless otherwise specified in the agreement of purchase and sale. This timeframe is typically outlined in the offer conditions and helps secure the transaction.
Why This Is the Correct Answer
In Canadian real estate practice, deposits must typically be submitted within 24 hours of offer acceptance unless the agreement specifies otherwise. This standard timeframe is established to secure the transaction promptly while allowing reasonable time for the buyer to arrange payment. The 24-hour period balances the seller's need for security with the buyer's practical requirements for obtaining certified funds or bank drafts.
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