Humber Real Estate - Course 2,
Module 14, The Offer Process and
Regulatory Obligations Exam
Questions and Answers
No, but there is certain information relating to the rights and obligations of the parties
that must be included. - answer-Is there a standard form used for the 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.
- The deed is prepared by the seller and registered at the expense of the buyer. -
answer-What information relating to the rights and obligations of the parties must be
included in an Agreement of Purchase and Sale?
An offer - answer-During negotiations, the agreement of purchase and sale form is
referred to as what?
An accepted, conditional offer - answer-When the offer accepted, but is conditional
upon an event (such as the buyer obtaining financing), the offer is referred to as
what?
An agreement - answer-When the offer is a legal, binding contract, it's called what?
- 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) - answer-What information about the seller, buyer and
property are included in the 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. - answer-Is a deposit required to have a binding
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 - answer-What are the key components of an
Agreement of Purchase and Sale?
Vacant possession
Note: In instances where the buyer has agreed to assume an existing tenancy,
vacant possession would not be given. - answer-In most instances, the seller agrees
to provide _________ _________ on the date of closing.
Business
*Excludes Saturdays, Sundays, & stat holidays as the Land Registry Offices are
closed. - answer-The completion date must be a __________ day.
The time period in which the buyer's lawyer completes a search at the Land Registry
Office. - answer-What is the Requisition Date as included in an Agreement of
Purchase and Sale?
To review the information registered on the title and provide an opinion on these
matters, such as confirmation of ownership, any mortgage or lien registered, or any
easement affecting the property. - answer-What is the purpose of a lawyer's search
at the Land Registry Office?
1. Initiate the offer
2. Draft the offer
3. Register the offer with the seller's brokerage
4. Present the offer to the seller
Module 14, The Offer Process and
Regulatory Obligations Exam
Questions and Answers
No, but there is certain information relating to the rights and obligations of the parties
that must be included. - answer-Is there a standard form used for the 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.
- The deed is prepared by the seller and registered at the expense of the buyer. -
answer-What information relating to the rights and obligations of the parties must be
included in an Agreement of Purchase and Sale?
An offer - answer-During negotiations, the agreement of purchase and sale form is
referred to as what?
An accepted, conditional offer - answer-When the offer accepted, but is conditional
upon an event (such as the buyer obtaining financing), the offer is referred to as
what?
An agreement - answer-When the offer is a legal, binding contract, it's called what?
- 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) - answer-What information about the seller, buyer and
property are included in the 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. - answer-Is a deposit required to have a binding
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 - answer-What are the key components of an
Agreement of Purchase and Sale?
Vacant possession
Note: In instances where the buyer has agreed to assume an existing tenancy,
vacant possession would not be given. - answer-In most instances, the seller agrees
to provide _________ _________ on the date of closing.
Business
*Excludes Saturdays, Sundays, & stat holidays as the Land Registry Offices are
closed. - answer-The completion date must be a __________ day.
The time period in which the buyer's lawyer completes a search at the Land Registry
Office. - answer-What is the Requisition Date as included in an Agreement of
Purchase and Sale?
To review the information registered on the title and provide an opinion on these
matters, such as confirmation of ownership, any mortgage or lien registered, or any
easement affecting the property. - answer-What is the purpose of a lawyer's search
at the Land Registry Office?
1. Initiate the offer
2. Draft the offer
3. Register the offer with the seller's brokerage
4. Present the offer to the seller
