Hello,

We may fall in to a situation this afternoon where a deal on the sale of our metro Vancouver condo falls through. The buyer put down a $22'000 deposit with the realtor, with usual subject to financial approval.

They asked for an extension to obtain the mortgage on Tuesday, with the new subject being they will have it today, Thursday.

Wife and I are super upset by this, as we have scheduled movers to come in, storage for household effects, lined up temporary housing and a house hunting trip to where we want to move. Our plan was to sell this place and have cash in hand to go buy a house. Now that's looking iffy.

So the question becomes, if the buyer cannot obtain a mortgage, do they forfeit the deposit to us? Or is there a legal procedure we have to go through to get it?

Our realtor is reassuring us this buyer will be approved, but after two sleepless nights we are looking for outside opinion.