I have a call into my lawyer, but I won’t hear from her until tomorrow so I’m looking to the dope for interim information.
We got the completed agreement today from the developer who is buying our house, and he sent me an email asking if I wanted the deposit cheque made out to me, or to our lawyer in trust.
There are no real estate agents involved, the balance of the purchase price is more than enough to cover the mortgage and my lawyers fees are going to be minimal, so why would I want to leave the deposit in a non interest bearing trust account for what could be up to 6 months? (Terms are they will assume mortgage if possible, if not closing is June 15 when I can pay off mortgage penalty free)
I can see why it would be risky for him to make the cheque directly out to me, but what is the risk to me if I accept it that way?