Understanding the standard Contract of Purchase and Sale (CPS) is essential in real estate, but it can become a challenge due to certain clauses that might create confusion for buyers, sellers, and REALTORS® alike.
Posts tagged with “Date of Completion”
Legally Speaking Standard Contract of Purchase and Sale Clauses: Common Misunderstandings and Confusions – Part Two #567 
Legally Speaking "Time is of the Essence" Consideration #215
One of a licensee’s more difficult tasks is setting the date for completion of the sale of property, which is in the process of being subdivided, and to provide for an enforceable extension of closing should…
Legally Speaking Norfolk v. Aikens Addendum; Mortgage Insurance – Unavailable When Needed #193
Column #164 discussed a pre-Norfolk v. Aikens offer to purchase which was interpreted using the Norfolk reasons to the advantage of the purchaser who sued for the return of his deposit…
Legally Speaking Commission Cases #189
The right of an agent to a commission arose in a case where the vendor refused to complete a sale because just two days prior to closing, the purchaser substituted a nominee company for himself as the purchaser…
Legally Speaking Area, Mistake Discovered After Closing #157
A vendor innocently misrepresents the area of his lot as 10 acres when it is only six acres. If the purchaser relied upon this misrepresentation and discovered the mistake BEFORE completing his purchase…
Legally Speaking Norfolk v. Aikens #155
This decision of the British Columbia Court of Appeal led to the distribution among the boards of a two-clause addendum to the Standard Contract of Purchase and Sale…
Legally Speaking CREA’s Standards of Business Practice Establishing REALTOR’s Duties #153
The extent to which the CREA Code of Ethics and Standards of Business Practice are factors in a judge’s decision involving the liability of licensees is illustrated by the following case…
Legally Speaking Delays in Completion – Wills Variation Act; Seat Belt Legislation #67
Delay in the completion of a sale may arise through the operation of the Wills Variation Act…
