While it may seem simple to change contract terms, there are important guidelines and principles for REALTORS® to keep in mind when drafting a contract or in making amendment.
Posts tagged with “Subject Conditions”
Legally Speaking Tips for Using Clauses and Amending Contracts of Purchase and Sale #541 
Legally Speaking Protect Your Clients and Reduce Claims Risks During COVID-19 #525 
These are unprecedented times with the arrival of COVID-19. We have all heard that many times and it’s true for all industries, including real estate…
Legally Speaking Option, Payment to Lawyer of Optionee Invalid Exercise of Option; Confirmation Added to Addendum, of Discussion With Seller, Was Not a Counteroffer #331
An owner who sold a building lot took back an option to repurchase it if the buyer did not construct a dwelling house upon it by a fixed date…
Legally Speaking Selling Licensee’s Duty to Disclose – No “Subject to Sale” Clause #94
It is the selling licensee who discovers what a prospective purchaser can or cannot afford, or what specific quality or use of the property is of particular interest to the purchaser…
Legally Speaking Back-Up Offers #89
A vendor’s decision to take a back-up offer can be risky to the vendor’s financial health, as will be apparent from your review of the following facts…
Legally Speaking Legal Advice – The Pitfalls of Giving #59
Adam entered his solicitor’s office with a writ in his hand and an expression on his face which his solicitor, as Adam’s old golfing partner, recognized…
Legally Speaking Offer or Option #57
The following are all abbreviated examples of the usual “subject to” clauses to be fulfilled by a purchaser, right…
Legally Speaking Locked-In Mortgages – a Further Report; Non-Refundable Deposits – a Further Comment #56
The battle to force a mortgagee to accept prepayment of a locked-in, high-interest rate mortgage which had been renewed after the initial term of five years had expired, continues on several fronts within the legal…
Legally Speaking Removal of Conditions and the Law and Equity Act #17
An offer to purchase the assets of a hunting and fishing lodge, was subject to a number of conditions, one of which was the following: “Subject to obtaining financing, provided that this subject clause shall be…
Legally Speaking “Best Efforts” Cases #9
Very occasionally a prospective purchaser for whom an offer to purchase is being prepared, asks for the insertion of a condition in the agreement such as “subject to financing…” because he is not entirely certain…