(Ontario) Question: I understand the meaning of irrevocability in an offer however I’m a bit confused by this statement. “The offer can be revoked only before communication to the other …
Undelivered Deposit Doesn’t Cancel the Deal
Question: I received an email from an agent who presented an unconditional offer for $20,000 over asking saying “My clients found another house they like better. Please withdraw their offer”. …
Holdover Commissions in Ontario
Question: A buyer is introduced during validity of the first representation agreement and completes the purchase under a subsequent representation agreement with another brokerage. Two observations: “Under current practices, the …
How to Change a Few Dates in the Agreement
(Ontario) This is an interesting issue. There are several approaches to this, and ultimately no correct answer. The Agreement Bob, the Buyer, and Sam, the Seller, strike a deal on …
When Does a Seller have to Mitigate in a Defaulted Real Estate Transaction?
This is an interesting question and hundreds of thousands of dollars can turn on the answer. Recently, the Ontario Superior Court of Justice had to consider that question. The Buyers, …
Placing the Deposit in the Trust Account
(Ontario) Question: When a deposit is provided “herewith” with an offer by a Buyer, does the 5 day deposit requirement start the next day or the day after the final …
Deleting a Portion of the Title Clause
(Ontario) Question: If a knowledgeable buyer/client in the preprinted clause 10. Title. scratched out and initialed the following paragraph: “(a) any registered restrictions or covenants that run with the land …
Foundation Work to be Undertaken
This type of issue arises frequently in commercial transactions. You will wish to consider: Eliminating the preamble which appears to minimize the situation somewhat, Buyer retains a Consulting Engineer, Seller …
Contract Reference Date
It is rather interesting that in Ontario the “date” we commonly use is the Offer date, not the Acceptance date to refer to the contract. In fact, the Offer date …
Handling the Keys on Closing
Question: How do you handle the keys on closing? Answer: Assuming that I am the Listing Agent: After the final inspection, I change the Lockbox (to my oldest one), Following …