Tag Archives: Agreement of Purchase and Sale
Can you Hold Back Funds on Closing When an Appliance is Broken?
The simple answer is: No. As in any contractual situation, the agreement of purchase and sale is the first document that should be reviewed. Unless your agreement of purchase and sale gives you the right to holdback a specified sum of money, other than in certain situations where there is material damage or a material…
Common Pitfalls of Flipping New Condominium Home Agreement Assignments
In my earlier blog, I discussed the importance of determining whether you need your builder’s consent to assign/flip your agreement of purchase and sale. Usually you do. Once you have resolved that issue, you will enter into an agreement of purchase and sale with your purchaser regarding the flip. In that flip agreement, your purchaser…
Consider This When Flipping Your New Condo in Toronto
When I am asked by a client if they can flip their new condominium/new home agreement of purchase and sale, I always respond that the first place to start is the agreement of purchase and sale itself. Unless the agreement of purchase and sale prohibits flips, then the purchaser is free to flip their agreement…
The importance of a lawyer’s review of an Agreement of Purchase & Sale
An Agreement of Purchase and Sale, once signed, and once all of the conditions (for example, financing and home inspection) have been waived or fulfilled is a binding contract between the buyer and seller which cannot be changed unless both parties agree to do so. Usually, if one party wants a change to the Agreement,…