Time Lines for Dates on the Agreement of Purchase and Sale

What is History?: Timelines

(Ontario)

Question:

What are the legal time lines for the following:      Offer date to irrevocable date, to title search date to completion date What should be the minimum or maximum time between these dates?

Answer:

The irrevocable date should be sufficient to permit the other side to reasonably respond. You don’t want it to expire before they have considered it. You don’t want it too long or they may be out “shopping your bid”.

Title search date for the Buyer can be right up to the day of closing. The Seller on the other hand needs at least two full weeks to deal with the resolution of a problem should one arise.

Typically, completion dates run 60 to 90 days. Shorter, if you are in June since many Buyers want possession for the summer. If it’s longer than 120 days, the buyer will likely pay a premium.

Brian Madigan LL.B., Broker
www.OntarioRealEstateSource.com

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