Sometimes, the Buyer will attempt to use a Home Inspection clause as a right to back out of the deal. So, it might be wise to add the following: “Should …
Offer Followed by the Agreement
We effectively have one name for legal contracts dealing with the sale of land. The reference is to an “Agreement of Purchase and Sale”. However, that doesn’t take into consideration …
Agreement or Offer: Name Confusion
There seems to be a continuing difficulty when we are talking about Offers and Agreements of Purchase and Sale. When do we use them? And, why all the confusion? Contract …
Inspection Condition Clause Updated
This is the standard OREA Inspection Condition clause: “This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer’s expense, and the obtaining …
Commissions Payable in the Event of Non-completion
Question: If a deal fails to close, is the commission still payable? Answer: Yes, because that wasn’t the trigger for payment. Question: What was the trigger for payment? Answer: An …
When Does the Clock Start?
Question: Brokerage A has an accepted offer on their listing that includes a condition on the sale of a Buyer’s property with a 48 hour escape clause. Brokerage B gets …
Acceptance: Late or Right on Time
Question: Offer is irrevocable until 11 pm. Seller’s agent sends an email saying here’s the accepted offer at 11:00 pm on the dot. The seller’s signature under successors and assignors …
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? …
No Initials on the Expiry Date of Listing
Question: An agent forgot to get a client to initial expiry date on the listing since the change with TRESA. Now client wants out of the listing and is using …