Humber Real Estate - Course 2, Module 15, Introducing a
Residential Agreement of Purchase and Sale 2023
Questions and Answers
When an offer is drafted, not signed.
What is considered the 'Offer Date'?
No. Even if terms are changed on a following day and the offer is re-submitted,
the offer date remains the same.
Does the date of an offer change?
Use the full legal names, and if the individual has one or more middle names, at a
minimum identify the initial(s).
Tip: Whenever possible, use the full middle name(s) as this helps distinguish the
seller or buyer who has a common first and last name.
What are the minimum requirements of using a legal name for a seller or buyer when
drafting an offer?
From the listing information.
When drafting an offer, where can the seller(s) full legal name(s) be obtained?
TItle
To confirm joint ownership of a property, both names must appear on the ________.
Seller
If only one spouse is on the title, but the property is considered a matrimonial home, the
spouse on title is identified as a _________ and that spouse signs the agreement of
purchase and sale as a seller.
The non-titled spouse is asked to provide their consent.
Use the full legal name to identify the corporation and ensure the appropriate
officer(s) are identified, and the corporate seal is used with their signature.
What are the requirements of signing agreements when a corporation is a seller or
buyer?
"I/we have the authority to bind the corporation"
If a corporation does not have seal to stamp an agreement with, individuals signing can
write what phrase on the signature lines on the agreement?
- Use the partnership name
- Confirm who the partners are, and who has the authority to bind the partnership
When preparing an agreement of purchase and sale for a partnership, you should take
what steps?
- In a general partnership, one partner can sign the agreement which binds the
partnership
- In a limited partnership, a limited partner may not have this authority
What's the difference between a general partnership and a limited partnership?
An estate trustee
, Who is the only person with legal authority to manage or distribute an estate, and who
would be named in the deceased's will?
Ask for a notarized copy of probate documents to ensure all the trustees have
signed and have the power the sell under the will.
How can you verify that an individual has the authority to act as an estate trustee?
True, but the title cannot be transferred until probate has been obtained.
True or false? An estate trustee can list a property for sale prior to obtaining probate?
A legal document giving authority for someone to act on behalf of another
person.
What is a Power of Attorney (POA)?
- Obtain an original copy of the Power of Attorney (POA) or a notarized copy of it.
- You must also verify that the POA is legally valid, gives the attorney the
authority to sign that particular type of agreement and that the POA is still in full
force and effect (e.g. hasn't been revoked by the Donor or has not expired if it had
an expiry date).
How can you verify someone's Power of Attorney (POA)?
Valid
When the person represented by a Power of Attorney dies, the POA is no longer
_________.
To remain anonymous or to incorporate a company.
Why might a buyer use a trustee to make an offer?
- Address
- Side of the road the property is fronting on
- Municipality, city, township, region
- Lot size
- Legal description including any easements
To ensure a complete description for each property is identified, what information would
be included in an agreement of purchase and sale?
Put yourself facing the front of the house. The direction you are facing is the side
of the road the property is fronting on.
How can you determine the direction a house is fronting on?
Upper tier
When filling out an agreement of purchase and sale, if a property is listed in the lower
tier, you should also include the _______ _____.
A deed or survey.
Note: Secondary documents include the property tax statement or property
assessment notice.
When looking for a source document to confirm the legal description of a property, what
is considered a primary document?
In the legal description.
Residential Agreement of Purchase and Sale 2023
Questions and Answers
When an offer is drafted, not signed.
What is considered the 'Offer Date'?
No. Even if terms are changed on a following day and the offer is re-submitted,
the offer date remains the same.
Does the date of an offer change?
Use the full legal names, and if the individual has one or more middle names, at a
minimum identify the initial(s).
Tip: Whenever possible, use the full middle name(s) as this helps distinguish the
seller or buyer who has a common first and last name.
What are the minimum requirements of using a legal name for a seller or buyer when
drafting an offer?
From the listing information.
When drafting an offer, where can the seller(s) full legal name(s) be obtained?
TItle
To confirm joint ownership of a property, both names must appear on the ________.
Seller
If only one spouse is on the title, but the property is considered a matrimonial home, the
spouse on title is identified as a _________ and that spouse signs the agreement of
purchase and sale as a seller.
The non-titled spouse is asked to provide their consent.
Use the full legal name to identify the corporation and ensure the appropriate
officer(s) are identified, and the corporate seal is used with their signature.
What are the requirements of signing agreements when a corporation is a seller or
buyer?
"I/we have the authority to bind the corporation"
If a corporation does not have seal to stamp an agreement with, individuals signing can
write what phrase on the signature lines on the agreement?
- Use the partnership name
- Confirm who the partners are, and who has the authority to bind the partnership
When preparing an agreement of purchase and sale for a partnership, you should take
what steps?
- In a general partnership, one partner can sign the agreement which binds the
partnership
- In a limited partnership, a limited partner may not have this authority
What's the difference between a general partnership and a limited partnership?
An estate trustee
, Who is the only person with legal authority to manage or distribute an estate, and who
would be named in the deceased's will?
Ask for a notarized copy of probate documents to ensure all the trustees have
signed and have the power the sell under the will.
How can you verify that an individual has the authority to act as an estate trustee?
True, but the title cannot be transferred until probate has been obtained.
True or false? An estate trustee can list a property for sale prior to obtaining probate?
A legal document giving authority for someone to act on behalf of another
person.
What is a Power of Attorney (POA)?
- Obtain an original copy of the Power of Attorney (POA) or a notarized copy of it.
- You must also verify that the POA is legally valid, gives the attorney the
authority to sign that particular type of agreement and that the POA is still in full
force and effect (e.g. hasn't been revoked by the Donor or has not expired if it had
an expiry date).
How can you verify someone's Power of Attorney (POA)?
Valid
When the person represented by a Power of Attorney dies, the POA is no longer
_________.
To remain anonymous or to incorporate a company.
Why might a buyer use a trustee to make an offer?
- Address
- Side of the road the property is fronting on
- Municipality, city, township, region
- Lot size
- Legal description including any easements
To ensure a complete description for each property is identified, what information would
be included in an agreement of purchase and sale?
Put yourself facing the front of the house. The direction you are facing is the side
of the road the property is fronting on.
How can you determine the direction a house is fronting on?
Upper tier
When filling out an agreement of purchase and sale, if a property is listed in the lower
tier, you should also include the _______ _____.
A deed or survey.
Note: Secondary documents include the property tax statement or property
assessment notice.
When looking for a source document to confirm the legal description of a property, what
is considered a primary document?
In the legal description.
