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Rights of Terminating Contract If the Buyer does not pay Initial Deposit or Balance

Rights of Terminating Contract If the Buyer does not pay Initial Deposit or Balance

Q. Can a seller terminate a contract if the buyer does not pay the initial deposit or balance deposit by the due date?

A. Yes. If the buyer does not pay the initial deposit or balance deposit to the Stakeholder by the due date then the seller has an ongoing right to terminate the contract of sale even if the deposit it subsequently paid.

HINT- If the buyer is unable to pay the initial deposit or balance deposit to the Stakeholder by the due date then the buyer needs to request an extension of the due date for payment of the deposit/ balance deposit to ensure that they do not breach the contact.

Related:
Buyer’s Guide
Seller’s Guide
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