Contract Reference Date

eCommerce calendar] The dates you need to know to sell +

It is rather interesting that in Ontario the “date” we commonly use is the Offer date, not the Acceptance date to refer to the contract.

In fact, the Offer date is often the date that the agent first started thinking about it. The Offer may actually be first submitted a couple of days later. This date is of absolutely no consequence whatsoebver!

The Acceptance date is the time when we have a contract. That’s important. For the purposes of litigation and the preparation of Expert Witness Reports, I always refer to this date.

The date on the first page which was never changed throughout the negotiation process is largely irrelevant. In other jurisdictions, reference is only made to the contract date, and the “agent first thinking about it date” is simply ignored.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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