Offer Followed by the Agreement

We effectively have one name for legal contracts dealing with the sale of land. The reference is to an “Agreement of Purchase and Sale”. However, that doesn’t take into consideration …

Agreement or Offer: Name Confusion

There seems to be a continuing difficulty when we are talking about Offers and Agreements of Purchase and Sale. When do we use them? And, why all the confusion? Contract …

Commercial Indiactors – 27 September 2024

Commercial Bond Yields CMB5 Year – 3.01%Est. CANHOU 12/15/29[-0.03%]  10 Year – 3.46%CANHOU 12/15/34[-0.04%]  Floating Rate insured cost of funds4.89%[-]  Prime Rate 6.45%[-] GoC2 Year – 2.94% CAN 08/01/26[-0.03%]  3 Year – 2.77% CAN 09/01/27[-0.04%]  5 Year …

As Is Properties and TRESA

Question: What about a listing of a property that says “AS IS”, are you still required to provide information pertaining to any defects on the property? Answer: All properties are …

Final Inspections and Refusals

Question: Do you always book a “final” walk through with your clients right before closing? If so, how close to closing date? Answer: Generally, the evening before, or even the …

Inspection Condition Clause Updated

This is the standard OREA Inspection Condition clause: “This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer’s expense, and the obtaining …

Form 299 Investigations

There is a statement in OREA Form 299 “Seller Disclosure Latent Defect(s)” as follows: “Members are encouraged to undertake numerous steps of discovery, disclosure and documentation of the same.” Just …

Commissions on Failed Closings

Question: What happens when a deal (buyer/seller) firm ups but in the end it didn’t close so you didn’t get paid your commission. Answer: Your entitlement to commission under the …