Bob submits an Offer on Bill’s property for $920,000.00 with a $50,000.00 deposit, subject to two conditions, financing and inspection, both running 5 days. At the end of the 5 …
Fixtures Clause in the Agreement of Purchase and Sale
The “Fixtures” clause in the standard form OREA Agreement of Purchase and Sale (2016 version) reads as follows: 5. FIXTURES EXCLUDED:……………………………………………………………………………………… Fixtures are part of the real estate. They don’t …
Death of a Joint Tenant in Ontario
Question: If two people own a home, person A has power of attorney over person B, Person A signs all documentation as POA during sale and Person B dies before …
Contract Acceptance Requires a Pen and a Phone
Contract Acceptance Requires a Pen and a Phone When we are considering the acceptance of an Offer, there are two steps: Signing the document, and Communicating with the other side. …
Cross-out the Waiver Option in a Financing Condition (Best Practices)
There are many real estate practitioners who seem to think that the Notice of Fulfillment Form and the Waiver Form are quite different. Let’s look at an example. Financing Clause …
Who Should be Authorized to Receive Notices By Email?
Question: The NOTICES clause in Agreement of Purchase and Sale Form 100 (Ontario) enables the parties to send notices to one another through either fax or email. Typically, if there …
Cleanliness on Closing
Question: Client bought a house with a long six (6) month closing. House was in great condition when the deal was signed. The Buyer visited the premises two (2) weeks …
Clarity Copies of Unreadable Agreements
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 …