Question:
When is the deadline to fulfill this preprinted term?
Form 101- Clause 17:
“APPROVAL OF THE AGREEMENT:
In the event that consent to this sale is required to be given by the Condominium Corporation or the Board of Directors, the Seller will apply forthwith for the requisite consent, and if such consent is refused, then this Agreement shall be null and void and the deposit monies paid hereunder shall be refunded without interest or other penalty to the Buyer.”
Answer:
The deadline is “immediately before closing” unless you bumped it up in the Agreement of Purchase and Sale.
This is the “default” since:
- there’s no earlier time specified.
- closing time and after closing are too late.
- the condition has now expired.
Brian Madigan LL.B., Broker