Agreement of Sale - pages 1 and 2

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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?

Mutual written agreement provision Signup and view all the answers

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

Terms and time periods Signup and view all the answers

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

'Time is crucial' in meeting obligations in the agreement Signup and view all the answers

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

They must be acknowledged Signup and view all the answers

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

False Signup and view all the answers

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

True Signup and view all the answers

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

False Signup and view all the answers

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

False 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?

Seller must get written consent from Buyer Signup and view all the answers

Payment of transfer taxes will be divided equally by who?

Buyer and Seller Signup and view all the answers

Match the section number to the correct subject for that section

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

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?

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

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

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

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

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

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

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

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

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

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

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)

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

Payment of transfer taxes will be divided equally by who?

Match the section number to the correct subject for that section

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