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Humber Real Estate - Course 4, Module 9: Completing Agreements of Purchase and Sale for Office and Retail Properties (Questions and Answers)$11.49
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Humber Real Estate - Course 4, Module 9: Completing
Agreements of Purchase and Sale for Office and Retail
Properties (Questions and Answers)
If after reviewing a commercial agreement of purchase and sale, your client still has areas
they don't understand, what should you do? - ✔️✔️If you are unable to address these areas
satisfactorily, you may need to conduct a further review with a lawyer or other third-party
experts.
Note: You may be asked to provide the lawyer (or third-party experts) with a verbal or
written summary of the issue to address separately with the client.
For irrevocability periods on Agreements of Purchase and Sale for commercial properties,
you would typically adhere to what timeframe? - ✔️✔️Standard business hours rather than
setting the time period over weekends or evenings.
How are deposits in commercial deals handled differently than residential? - ✔️✔️Due to the
high value of the deposit, there may be multiple deposits or stages of deposits.
Further deposits can be required after conditions have been satisfied (inspections, etc.) or
following another specified schedule.
A buyer may require these stages in order to arrange appropriate funding.
If the deposit will be handled in stages, how would you document the deposit on the
agreement of purchase and sale? - ✔️✔️By using the wording "as otherwise described", and
provide the details of multiple deposits and related timing/conditions in Schedule A.
In commercial transactions, how are deposits usually paid? - ✔️✔️Via certified cheque or e-
transfer in trust to the listing brokerage or to the seller's lawyer.
The buyer may request the deposit be placed into an _____________________. This
requirement would also be specified in the agreement. - ✔️✔️Interest-bearing trust account
What are some chattels unique to commercial deals? - ✔️✔️- Cleaning equipment
- Product displays or showcases
- Garment racks
- Shelving units
- Flower planters
- Workstations and chairs
- Filing cabinets
What are some fixtures unique to commercial deals? - ✔️✔️- Trade fixtures
- Built-in cabinets and shelving
- Industry-specific equipment, e.g. bartending taps, specialty ovens, etc.
Rental items also need to be identified in the Agreement of Purchase and Sale. Any contracts
or leases for rental items that will be ______________________ need to be included in the
agreement, with the terms explained clearly. - ✔️✔️Assumed by the buyer
In most situations, the seller of a commercial property is responsible for remitting ______.
However, in special circumstances, the seller is not required to collect it provided certain
__________________ are met. - ✔️✔️HST, conditions
Commercial agreements basically have the same requirements for signatures from the parties
as residential agreements. However, commercial agreements also include areas to add what? -
✔️✔️The company name before the signature of the authorized signing officer(s).
The exact legal ___________________ is used to identify the buyer and seller as at the
beginning of the APS. - ✔️✔️Company name(s)
Individuals must be authorized to sign on behalf of an entity such as a corporation.
When you complete your due diligence in verifying the identification of the entity, you
would also verify what? - ✔️✔️The identification and authority of the individual signing for
the entity.
To sign for a corporation: Under the company name, the authorized individual would indicate
they are signing for the company.
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