This is a clause under consideration for review: “This offer is conditional on the failure of the existing, conditional Agreement of Purchase and Sale related to the subject property. The …
Schedule “A” Interpretation
The standard form agreement of purchase and sale in Ontario includes a standard four pages of fine print plus fill in the blanks, followed by a Schedule “A”. It is …
Ineffective Exclusionary Clauses
Most agreements of purchase and sale will contain an exclusionary clause. Do they work? First, let’s have a look at exactly what they say. Reproduced below is the relevant wording …
Clause: Credit in the Adjustments
Question Agent is trying to tell me this is one of their standard clauses and is for any issues with appliances or repairs. “The seller hereby agrees to give the …
Sale of Buyer’s Property Condition
Question: If you’re putting in an offer conditional on sale of your client’s home, do you include your client’s property address in the condition? Answer: You certainly should in order …
Initials All Over the Place
Question: It is my understanding that when you make a change e.g. price you strike out the price make an initial. Put in the new price. And the next person …
Property Division under Power of Sale
Question: There are 2 sellers on title, one moved out but continued to pay their half of mortgage. Seller in home missed two mortgage payments, so the Bank has implemented …
Presence of Water in the Walls of the Vanity Cupboard
Question: You sell a property, the buyers don’t include inspection condition. Upon closing and moving in, they discover damages that occurred from a previous leaky washing machine (leak has been …
Seller’s Preferred Deposit Clause
If the deal doesn’t close, the Seller wants the deposit as soon as possible. Many agreements will have various references to getting the deposit if the buyer is in default. …
Business Day Computation
This is a common clause which is used frequently: “Unless the Buyer gives notice in writing delivered to the Seller personally or in accordance with any other provisions for the …