Document background
The Additional Deposit Real Estate Contract is utilized in Canadian real estate transactions where parties agree to modify the original deposit structure of a purchase agreement. This document becomes necessary when buyers need to provide additional security, when market conditions demand higher deposits, or when the original deposit terms require modification. It's commonly used in situations where the purchase price is substantial, in competitive market conditions, or when there are specific concerns about transaction security. The contract ensures compliance with Canadian real estate laws and regulations, including provincial requirements for deposit handling and trust account management. It contains detailed provisions about the additional deposit amount, payment timeline, holding arrangements, and release conditions, while maintaining alignment with the original purchase agreement. This document is particularly important in protecting both parties' interests and ensuring clear documentation of the modified deposit terms.
