With the new TRESA legislation, we now have lots of new Forms. Here’s Form 108 Notice of Revocation:
“Pursuant to the following term of the Agreement of Purchase and Sale between the above parties, dated the …………. day of…………………………………, 20……………, regarding the above property:
‘Notwithstanding anything to the contrary contained in this Agreement of Purchase and Sale or any Schedule thereto and notwithstanding that the Seller has the right pursuant to the Trust in Real Estate Services Act, 2002 to disclose the details and content of this offer, if the Seller, Seller’s Brokerage, or any other person discloses the whole or any part of the details or content of this offer to any person prior to acceptance, then upon written notice to the Seller prior to acceptance this offer shall forthwith be revoked and become null and void and any deposit shall be returned to the Buyer in full without deduction.’
the Buyer hereby notifies the Seller that the offer is forthwith revoked and null and void.
Comments: …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………”
The Buyer signs and then later seeks an Acknowledgement signed by the Seller.
COMMENT
The first step naturally would have been to use this precise wording in the Agreement of Purchase and Sale. There are other clauses. For some reason, OREA has the expectation that you will only have used their clause and no other wording.
So, before using Form 108, make sure that you used their clause.
Then, there is a section included, in fact, 4 full lines to write some sort of note. Best course of action, write and/or communicate elsewhere. Remember, there’s nothing else to say.
At the bottom of the page is an Acknowledgement section. It has no meaning, but why not get it signed anyways, just for fun!
Timing
4:00 pm Offer submitted, open until 10:00 pm/ includes “the” clause
5:00 pm Offers shared
6:00 pm Buyer decides to exercise revocation
6:10 pm Notice of Revocation signed by Buyer
6:15 pm Notice sent to Buyer’s agent
6:30 pm Notice sent to Listing Agent
10:30 pm Seller signs Acknowledgement
10:45 pm Acknowledgement sent to Buyer’s agent
The two times which appear on the document are 6:10 pm and 10:30 pm. Both times are irrelevant. There’s no meaning behind them. They don’t make any difference.
6:15 pm is the key time that we all need to determine because legally it makes a difference. That’s the actual communication time of the Notice.
Brian Madigan LL.B., Broker