The closing date and time should be clear and concise and not pose any particular challenges. Let’s have a look at the standard Form OREA Agreement of Purchase and Sale …
Buyer’s Holdback for Scratches
Question: What happens if the Buyer threatens to holdback $20,000 from a $935,000 purchase claiming that there are scratches on the floor? These scratches existed before the showing, however he …
Requisitions in an Agreement
This particular paragraph is a little bit confusing so we’re going to have to pick it apart line by line. However, before we do, you have to understand that there …
Reducing the Buyers from 2 to 1
Question: I am acting for the Seller in a conditional deal with two Buyers: (1) Is it ok remove one Buyer via amendment while the offer is still conditional and …
Material Facts for a Buyer
By Brian Madigan LL.B. Real estate professionals are obligated to conduct their own due diligence when acting for a buyer. That is part of their “professional responsibility”. Here is an …
Brian Madigan’s “Material Facts” CHECKLIST (Use and Disclaimer)
I have taken steps to develop a “material facts checklist” for real estate agents to assist them in the listing process. First, it’s not comprehensive. Second, it’s a work in …
Seller’s Deposit Clause
Sometimes the deposit is just not paid. I know that it’s supposed to be paid. What happens if the purchaser doesn’t pay the deposit? Can the vendor get out of …
Seller wants to Close but Stay in Possession for Two Weeks
Question: For a variety of reasons we have a situation where the Seller needs to close on the house sale, so that they can purchase their smaller property. Neither have …
Initialling Changes on an Agreement of Purchase and Sale
As simple as it may seem, in practice, there is something of a difficulty when it comes to initialling changes to an Agreement of Purchase and Sale. Reasons There are …
Interpretation of Initials on Contracts and the Potential for Confusion
The standard form OREA Agreement of Purchase and Sale requires initials to be placed on every page for the purposes of acknowledgment except the actual signing page. The difficulty is …