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 2:47 pm the Buyer’s lawyer said they had just received the funds for closing. At 3:10 pm, the Seller’s lawyer said that it was too late and the APS was terminated. At 3:35 pm the Buyer’s lawyer sent the funds.
Sorry, this was 35 minutes too late. The “time is of the essence” provision applied. This will be a case that will be relied upon in the future since it was a decision of the Ontario Court of Appeal.
Further details when the decision is posted on Canlii.
Brian Madigan LL.B., Broker