What happens to the deposit if a buyer fails to complete an Alberta purchase contract without a valid reason?
Correct Answer
B) The deposit is typically forfeited to the seller as liquidated damages, and the seller may pursue additional damages
If a buyer breaches an Alberta purchase contract by failing to complete without a valid legal reason, the seller is typically entitled to retain the deposit as part of their damages. The seller may also pursue additional damages beyond the deposit amount if their actual losses exceed the deposit.
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