The Deposit Release Form (Real Estate) is a crucial document in Canadian real estate transactions that facilitates the proper handling and release of deposit funds. It is typically used when a real estate transaction either successfully closes or terminates, and the deposit needs to be released from the brokerage's trust account. The document must comply with provincial real estate regulations, trust fund handling requirements, and consumer protection laws. It includes essential details such as the property information, deposit amount, original Agreement of Purchase and Sale reference, and specific instructions for fund disbursement. This form is particularly important as it provides legal protection for all parties involved and creates a clear audit trail for the movement of trust funds. It's commonly used across all Canadian provinces, though specific requirements may vary by jurisdiction.
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1. Parties: Identification of all parties involved: Buyer, Seller, Real Estate Brokerage(s), and any other relevant parties
2. Background: Reference to the original Agreement of Purchase and Sale, property details, and deposit amount
3. Definitions: Key terms used in the document including 'Deposit', 'Agreement of Purchase and Sale', 'Release Date'
4. Deposit Details: Specific information about the deposit including amount, date received, and current location of funds
5. Release Authorization: Express authorization for the release of the deposit, including the amount to be released and recipient details
6. Release Terms: Specific conditions and terms of the release, including timing and method of payment
7. Mutual Release: Statement that all parties mutually agree to the release and waive any future claims related to the deposit
8. Governing Law: Specification that the agreement is governed by the laws of the relevant Canadian province
9. Execution: Signature blocks for all required parties with dates and witness provisions
1. Partial Release Terms: Used when only a portion of the deposit is being released, specifying terms for the remaining amount
2. Dispute Resolution: Added when there's a need to specify process for resolving any future disputes about the release
3. Tax Implications: Included when there are specific tax considerations that need to be acknowledged
4. Third Party Claims: Added when there are potential third-party claims on the deposit that need to be addressed
5. Conditions Precedent: Used when the release is conditional upon certain events occurring
6. Interest Allocation: Required when interest has accrued on the deposit and needs to be allocated between parties
1. Schedule A - Deposit Receipt: Copy of the original deposit receipt or proof of deposit
2. Schedule B - Transaction Details: Copy of relevant pages from the Agreement of Purchase and Sale
3. Schedule C - Banking Details: Secure schedule containing banking information for electronic transfer of funds
4. Schedule D - Calculation of Interest: If applicable, detailed calculation of any interest earned on the deposit
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