Question: I am looking at a Listing that says the property “AS IS”. What exactly does that protect the seller from, if anything? Answer: The “as is” clause often added …
Brokerage’s Schedule “B” Deposit Clause favouring Sellers
Here’s a clause being used by some Listing Brokerages, as set out in their Schedule B’s: “Once this Agreement becomes unconditional, should the Buyer fail to complete this agreement on …
Appraisal Less than Purchase Price
Question: The Agreement of Purchase and Sale contains the following clause: “The Seller and the Listing Agent agree to co-operate in providing access to the property up until the closing …
Understanding the Delivery of Notices under the Agreement of Purchase and Sale
Sometimes, agents can run into difficulty giving or receiving proper Notice pursuant to one or more of the provisions contained in the standard Form Agreement of Purchase and Sale. This …
Title Search Date: When Should it Be?
Question: What date should be inserted into the Agreement of Purchase and Sale for the Title Search date? Answer: Buyer’s Interest From the perspective of the Buyer’s lawyer, you can …
Title Insurance: Is it Necessary?
Ontario Real Estate Source By Brian Madigan LL.B. That’s a good question. Prior to 1997, there was no commonly available title insurance in Ontario and yet it was the norm in the United …
“Agreement of Purchase and Sale” (Title)
The agreement between the parties concerning “title” to the property is in essence the “bargain” between the seller and the buyer. This is a matter of substance and not just …
Three Distinct Concepts for Time Deadlines
It is somewhat interesting that the standard Form OREA Agreement of Purchase and Sale makes several references to “time”. There is a clause that states: 20. TIME LIMITS: Time shall …
The Agreement is About Schedules
The standard form OREA Agreement of Purchase and Sale is all about Schedules. Here’s what the 2021 version states on the first page: SCHEDULE(S) A………………………………………………………………………………attached hereto form(s) part of this …
Should You Get a Survey?
A very substantial error occurred in a real estate transaction. The purchaser was interested in buying a cottage property. As it turned out, the building which she thought she was …