Tenants-in-Common – Who Signs Confirmation of Acceptance in Ontario?

Question:

If two business associates who are tenants in common, accept an offer to sell their property, who signs the Confirmation of Acceptance, and when? Assuming they are not together when the offer is presented and they receive the offer separately. 

Answer:

The statement is unnecessary from a contractual perspective. It’s evidentiary in nature only. That means that only one person needs to sign.

Acceptance itself, is a two step process:

  • Signing is the first step.
  • Communicating is the second step.

The last person needs to know when the communication actually took place. That’s acceptance, and that determines the time to be inserted.

The time must be prior to the expiration of the irrevocable period, but completion of the Confirmation of Acceptance need not be.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

Leave a Reply

Your email address will not be published.