Humber Real Estate - Course 2, Module
14, The Offer Process and Regulatory
Obligation Questions and Answers Best rated A+
Guaranteed Success Latest Update
Is there a When the offer accepted, but is conditional upon an event (such as the buyer
obtaining financing), the offer is referred to as what? - ✔️✔️An accepted, conditional
offer
When the offer is a legal, binding contract, it's called what? - ✔️✔️An agreement
What information about the seller, buyer and property are included in the agreement of
purchase and sale? - ✔️✔️- Full legal names of the sellers and buyers
- Municipal address and complete legal description
- Purchase price (in words and numbers)
- Deposit amount (in words and numbers)
- Who the deposit holder it (typically the seller's brokerage)
- When the deposit will be provided (typically with the offer, upon acceptance of the
offer, or otherwise described)
.
During negotiations, the agreement of purchase and sale form is referred to as what? -
✔️✔️An offer
Is a deposit required to have a binding agreement of purchase and sale? - ✔️✔️No, but
it's considered a show of good faith to the seller that the buyer is committed to
completing the transaction.
, What are the key components of an Agreement of Purchase and Sale? - ✔️✔️- The
offer price, deposit and amount due upon completion
- Terms, conditions or other clauses required to address the needs or concerns of the
buyer
- Irrevocable date
- Completion date (aka Closing)
- Title search date (aka Requisition Date)
- Chattels and fixtures
- Conditions & applicable dates
In most instances, the seller agrees to provide _________ _________ on the date of
closing. - ✔️✔️Vacant possession
Note: In instances where the buyer has agreed to assume an existing tenancy, vacant
possession would not be given.
The completion date must be a __________ day. - ✔️✔️Business
*Excludes Saturdays, Sundays, & stat holidays as the Land Registry Offices are closed.
What is the Requisition Date as included in an Agreement of Purchase and Sale? -
✔️✔️The time period in which the buyer's lawyer completes a search at the Land
Registry Office.
standard form used for the Agreement of Purchase and Sale? - ✔️✔️No, but there is
certain information relating to the rights and obligations of the parties that must be
included.
What information relating to the rights and obligations of the parties must be included in
an Agreement of Purchase and Sale? - ✔️✔️- The buyer is required to search the title
at their own expense and make any objections within 30 days of when the agreement is
made.
- The seller has 30 days to remove any objection. If the seller is not able or is unwilling
to remove any objection that the buyer does not agree to accept, the agreement can be
terminated and the buyer's deposit is returned.
- All adjustments made to the purchase price (e.g. property taxes, rents & interest) are
adjusted as of the date of closing with the day of closing apportioned to the buyer.
14, The Offer Process and Regulatory
Obligation Questions and Answers Best rated A+
Guaranteed Success Latest Update
Is there a When the offer accepted, but is conditional upon an event (such as the buyer
obtaining financing), the offer is referred to as what? - ✔️✔️An accepted, conditional
offer
When the offer is a legal, binding contract, it's called what? - ✔️✔️An agreement
What information about the seller, buyer and property are included in the agreement of
purchase and sale? - ✔️✔️- Full legal names of the sellers and buyers
- Municipal address and complete legal description
- Purchase price (in words and numbers)
- Deposit amount (in words and numbers)
- Who the deposit holder it (typically the seller's brokerage)
- When the deposit will be provided (typically with the offer, upon acceptance of the
offer, or otherwise described)
.
During negotiations, the agreement of purchase and sale form is referred to as what? -
✔️✔️An offer
Is a deposit required to have a binding agreement of purchase and sale? - ✔️✔️No, but
it's considered a show of good faith to the seller that the buyer is committed to
completing the transaction.
, What are the key components of an Agreement of Purchase and Sale? - ✔️✔️- The
offer price, deposit and amount due upon completion
- Terms, conditions or other clauses required to address the needs or concerns of the
buyer
- Irrevocable date
- Completion date (aka Closing)
- Title search date (aka Requisition Date)
- Chattels and fixtures
- Conditions & applicable dates
In most instances, the seller agrees to provide _________ _________ on the date of
closing. - ✔️✔️Vacant possession
Note: In instances where the buyer has agreed to assume an existing tenancy, vacant
possession would not be given.
The completion date must be a __________ day. - ✔️✔️Business
*Excludes Saturdays, Sundays, & stat holidays as the Land Registry Offices are closed.
What is the Requisition Date as included in an Agreement of Purchase and Sale? -
✔️✔️The time period in which the buyer's lawyer completes a search at the Land
Registry Office.
standard form used for the Agreement of Purchase and Sale? - ✔️✔️No, but there is
certain information relating to the rights and obligations of the parties that must be
included.
What information relating to the rights and obligations of the parties must be included in
an Agreement of Purchase and Sale? - ✔️✔️- The buyer is required to search the title
at their own expense and make any objections within 30 days of when the agreement is
made.
- The seller has 30 days to remove any objection. If the seller is not able or is unwilling
to remove any objection that the buyer does not agree to accept, the agreement can be
terminated and the buyer's deposit is returned.
- All adjustments made to the purchase price (e.g. property taxes, rents & interest) are
adjusted as of the date of closing with the day of closing apportioned to the buyer.
