Bob submits an Offer on Bill’s property for $890,000 with a $50,000.00 deposit, which Bill accepts. One little problem: Bob fails to pay the deposit. The Offer said “upon acceptance”, …
Cross-out the Waiver Option in a Financing Condition (Best Practices)
There are many real estate practitioners who seem to think that the Notice of Fulfillment Form and the Waiver Form are quite different. Let’s look at an example. Financing Clause …
Restaurants and the Three Mice Theory
You might wonder what this is about. If the second mouse gets the cheese, what’s left for the third mouse? Actually, the money! So, here’s the basic theory. The restaurant …
Who Should be Authorized to Receive Notices By Email?
Question: The NOTICES clause in Agreement of Purchase and Sale Form 100 (Ontario) enables the parties to send notices to one another through either fax or email. Typically, if there …
Cleanliness on Closing
Question: Client bought a house with a long six (6) month closing. House was in great condition when the deal was signed. The Buyer visited the premises two (2) weeks …
Clarity Copies of Unreadable Agreements
From time to time, copies of Agreements of Purchase and Sale will simply be unreadable. If you are the real estate agent what should you do? First, they didn’t just …
Chattels Clause in the Agreement
One of the clauses that often gives rise to issues in the Agreement of Purchase and Sale, is the Chattels clause. Set out below is the standard form OREA chattels …
Central Vacuum System in Disrepair
Question: An Agreement of Purchase and Sale contains the following warranty: “all chattels and fixtures shall be in good working order of the closing date” A Professional Home Inspector delivers …
Alternatives to Cancellation of Buyer Representation Agreement
Are there any alternatives to the outright Cancellation? Absolutely, you could terminate the contract or you could amend the contract, on conditions which might include: Compensation for referrals Extension of …
Can the Seller Disclose Information from the Bids?
Seller’s Disclosure of Bids Question: Is it allowable for a Seller to disclose information about the bids? Assume that one of the bidders is a friend of the Seller. Can …