Common use of Sale Price and Deposit Clause in Contracts

Sale Price and Deposit. (a) The Sale Price is payable as follows: (i) the Deposit, to the Deposit Holder as stakeholder at the Deposit Payment Time; and (ii) the balance, either in cash or by a cheque drawn by a bank, on the Completion Date. (b) The Vendor may require the Purchaser to pay the balance of the Sale Price by providing up to three cheques drawn by a bank made out to payees nominated by the Vendor, at no cost to the Vendor.