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Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers$11.99
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Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers
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Humber Real Estate
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Humber Real Estate
Humber Real Estate - Course 2, Module 17, Writing Conditions to be Included in an Agreement of Purchase Sale 2023 Questions and Answers
Binding agreement
When an offer doesn't contain any conditions, it's a _________ _________ once accepted by all parties.
- Condition precedent
- Condition su...
Humber Real Estate - Course 2, Module 17, Writing
Conditions to be Included in an Agreement of Purchase
Sale 2023 Questions and Answers
Binding agreement
When an offer doesn't contain any conditions, it's a _________ _________ once
accepted by all parties.
- Condition precedent
- Condition subsequent
What methods can be used to draft conditions?
A true condition precedent.
If a party is not permitted to waive a condition and is required to fulfill the condition, what
is this called?
A condition in an agreement calling for an event to happen, or an act to be
performed, before the agreement becomes binding on the parties.
Describe a 'Condition Precedent'
A condition referring to a future event that, upon its occurrence, causes the
contract to be no longer binding on the parties.
Termination of the agreement can only be based on the defined circumstances
identified in the condition.
If no notice is provided, the conditions within the agreement are deemed to be
waived and either party can demand the agreement be completed. THEREFORE
no waiver provision is ever included in a condition subsequent clause.
Describe a 'Condition Subsequent'
Condition precedent.
The vast majority of residential conditions are ________ ________.
Step 1. Who is to do it?
Step 2. Who is to pay for it?
Step 3. What is to be done?
Step 4. Within what time limit? (date & time)
Step 5. What happens in the event it is not done? (No notice is required if the
party is not proceeding)
Step 6. Can it be waived? (Notice to waive the condition must be received by the
other party prior to the time period expiring)
What are the 6 steps to identify information required for the condition precedent clause?
Providing notice to the other party that the condition has been fulfilled.
After a condition is fulfilled, the final step which has to happen before the time limit is
what?
, Allows the party for whose protection the condition was included to remove that
condition entirely rather than fulfilling the condition.
This action results in a binding agreement.
What does inclusion of a waiver provision in a condition precedent allow for?
Buyer
Most conditions in a residential transaction are for the benefit of the __________.
- Obtaining financing
- Having the property inspected
- Confirming insurance can be obtained
- Sale of a buyer's property
What are some common conditions in a residential offer?
The review of the condominium documents, such as a status certificate.
What type of condition would be associated with a condo?
An inspection to confirm fire and building code compliance.
What type of condition would be associated with a multi-unit residential property?
Testing the well and/or septic system.
What type of condition would be associated with a rural property?
Confirming the legal status of any improvements such as a dock or a boathouse.
What type of condition would be associated with a waterfront property?
Reviewing the leases and financial information.
What type of condition would be associated with an investment property?
Obtaining a building permit or confirming available services.
What type of condition would be associated with vacant land?
Waive
Prior to drafting a condition using the precedent method, ensure the party is able to
________ the condition.
Action
A true condition precedent requires what by a third party, independent of the seller or
buyer?
- Condition precedent can be waived (i.e. a buyer's request for a new survey)
- True condition precedent cannot be waived (i.e. a condition dependent on an
Advisory Committee providing consent to change a zoning bylaw)
- The only difference in the way it's written is that when it's a true condition
precedent, the waiver provision is not included
What is the difference between condition precedent and true condition precedent?
This condition must be met; it may not be waived. No waiver provision is possible
because the condition must be fulfilled for a binding contract to be created.
What is 'True Condition Precedent'?
Condition subsequent
"The buyer may terminate this agreement through written notice ..." is the beginning of
what kind of condition?
Condition precedent
"This offer is conditional upon ..." is the beginning of what kind of condition?
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