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 …
Bidding Wars – High Bidder and Property Appraisal Issues
There is a relatively new phenomenon involving the failure of a property to meet appraisals standards, following bidding wars. So, let’s look at a scenario. Bob puts his property on …
Agreement Date or Just an Offer Date?
There is a common misconception concerning the Agreement date. Sometimes, it’s actually just an Offer date. If there is an Agreement, it may indeed be sometime later. This runs the …
Adding or Substituting Parties to an Agreement
Agreements often start out with the wrong people involved, or not enough of the right people. For some reason, this issue seems to create some complications. How do you add …
Moving the Deposit from one Agreement to Another
Obviously, you are going to need a clause for this. I am assuming that you have a deal between the Seller and the Buyer with a deposit paid to the …
Waivers and Notices of Fulfillments
The Notice of Fulfillment was created specifically to firm up a transaction that included a True Condition Precedent like a property severance. You can’t really just waive this. You don’t …
Vacant Possession and Occupancy
Question: Assuming the deal closes at 2:00 pm, the APS says 6:00 pm, the Registry Office closes at 5:00 pm and the end of the day is 11:59 pm, WHEN …
Undisclosed Furnace Rental
Question: Just had a conversation with the Listing agent. The property closed, and then it turns out that the furnace and air conditioner are leased. Wouldn’t the buyer’s lawyer check …