though all the work was completed.
This contract needed to be written much better to protect the sellers. Holdbacks are normal but they need protection for the seller too.
Preclosing Error: Cheque on Hold Causing Delay
A young couple buying their first home in Edmonton was receiving gifted monies for their purchase. They deposited the balance of their 5% deposit into their chequing account 3 days before closing. They had to wait until the 11 hour to meet with the lawyer because the family member that was gifting them the money waited until the last minute to send them the funds. The bank put a hold on the cheque, so the lawyer wasn't able to send all the funds to the sellers lawyer. Meanwhile that family member went fishing and hiking in the mountains and couldn't be reached. As a result the closing was delayed for 12 days. The buyers and sellers both had to pay late penalties as the seller was purchasing a home too, so it created a domino effect.
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