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Ever wondered how you could lose a $98,500 deposit just by being one day late? In this episode, I break down a real-life property deal gone wrong where a buyer relied on a verbal promise from a real estate agent, only to have the contract terminated and their full deposit forfeited.

I’ll explain what went wrong legally, what ostensible authority really means, and how both property buyers and sellers can avoid costly mistakes when signing a contract.Whether you’re buying your first home or selling your investment property, this story is a must-hear.

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Timestamps:

00:00:00 – Introduction

00:00:36 – The agent’s “no worries” promise

00:01:14 – What ostensible authority really means

00:01:32 – The danger of trusting verbal agreements

00:02:06 – Verbal vs written: the legal difference

00:02:30 – Real estate contracts are NOT handshake deals

00:02:57 – Final tips to avoid losing your deposit