Offer Expiration

Question: There seems to be a lot of confusion regarding an irrevocable in an offer. Here’s the dilemma. An offer is written with an irrevocable tonight at 7:00 pm. It’s …

Deposit Due: Time and Date

Question: A property sold last night (May 3rd, a Friday at 9:00 pm) conditional on financing and inspection. Conditions expire on May 6th at 11:59. When is the deposit due? …

Precise Time of “Acceptance”

Let’s look at the timeline: Friday Saturday Sunday When was this Offer actually accepted? It was ACCEPTED when the written message either by letter (document), fax or email was sent. …

Time is of the Essence

The Ontario Court of Appeal just released a decision on 3 January 2024 dealing with the late payment of the funds on closing. Payment was due at 3:00 pm. At …

Consideration and Seals

In order to have a contract, you need either consideration or seals, one or the other, not both. For standard OREA Agreements, we have both. Consideration is a “promise for …