Agreement of Sale - pages 1 and 2
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Questions and Answers

What is the purpose of the Execution Date in the context of the agreement?

  • To identify when Buyer and Seller have accepted the agreement (correct)
  • To indicate when changes can be made to the agreement
  • To extend the Settlement Date
  • To specify the start date of tenancy

    • What is the significance of the Settlement Date in the agreement?

  • It signifies when the tenancy starts
  • It marks the date when changes can be made to the agreement
  • It extends the Execution Date
  • It indicates when all obligations must be performed (correct)

    • What happens if there are changes made to the agreement according to the text?

  • Changes are nullified
  • Any changes should be initialed and dated (correct)
  • Changes can only be made before the Execution Date
  • The Settlement Date is extended automatically

    • Which provision allows for an extension of the Settlement Date in the agreement?

    <p>Mutual written agreement provision</p> Signup and view all the answers

    What is pre-printed in the agreement for the convenience of the Buyer and Seller?

    <p>Terms and time periods</p> Signup and view all the answers

    How does the text define 'Time is of the essence'?

    <p>'Time is crucial' in meeting obligations in the agreement</p> Signup and view all the answers

    'Any changes should be initialed and dated' - What does this requirement indicate about modifications to the agreement?

    <p>They must be acknowledged</p> Signup and view all the answers

    The Settlement Date can be extended by any provision of the agreement.

    <p>False</p> Signup and view all the answers

    The Execution Date of the agreement is when Buyer and Seller have signed and initialed it.

    <p>True</p> Signup and view all the answers

    All changes to the agreement do not need to be initialed and dated.

    <p>False</p> Signup and view all the answers

    The number of days in the Agreement is counted from the Settlement Date.

    <p>False</p> Signup and view all the answers

    Write a brief explanation you would give a buyer for the first two pages of the explanation. (Pretend everything you're typing is exactly what you'd say to a buyer - Role Play)

    Signup and view all the answers

    What action must Seller take before entering into any new leases or short-term rental agreements for the Property?

    <p>Seller must get written consent from Buyer</p> Signup and view all the answers

    Payment of transfer taxes will be divided equally by who?

    <p>Buyer and Seller</p> Signup and view all the answers

    Match the section number to the correct subject for that section

    <p>Section 1 = Agreement Date Section 2 = Purchase price and deposit amount Section 3 = Sellers Assist Section 4 = Settlement and Possession</p> Signup and view all the answers

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