An offer is accepted and conveyed at 2:30 pm on Saturday. It contains the following clause in Schedule A: “For the purposes of this Agreement, the terms “banking days” or “business days” shall mean until 11:59 pm on any calendar day, other than Saturday, Sunday or statutory holiday in the Province of Ontario”. The provision of the deposit is noted on the offer as “Upon Acceptance”. When is the deposit due to the Deposit Holder?
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A) Monday by 2:30 pm. Sunday is not a business day.
B) Monday by midnight to allow for a full business day.
C) Not later than 2:30 pm on Sunday.
A Latent Defect is defined as “a hidden or concealed defect that is not easily discoverable through a reasonable inspection”. Would a leak behind finished drywall be considered a Latent Defect?
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A) Yes
B) No
C) Not Sure
Under TRESA, which of the following must be completed before preparing an offer?
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A) RECO Information Guide
B) FINTRAC
C) Buyer Representation Agreement
D) All of the above
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