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Swimming Pool Clause which Needs Some Work (Ontario)
Swimming Pool Clause which Needs Some Work (Ontario)
Here is a swimming pool clause which many agents seem to be using:
“The Buyer and Seller acknowledge that the swimming pool was not operational at the time of inspection. The Buyer and Seller agree that the Buyer's solicitor shall hold back the amount of $__________.00 for the payment of any repairs if needed to the pool and/or equipment. The Buyer's solicitor shall immediately after notification by the Buyer pay the hold back or the amount thereof necessary to be paid in payment of the repairs owing. If there has been no notification to the Buyer's solicitor as aforesaid within_____ weeks/months after the completion of this transaction, the Buyer's solicitor may release the holdback to the Seller. The Buyer's solicitor shall supply a personal undertaking on completion to the Buyer to evidence the foregoing.”
Do you see any problems here?
Let’s look at that clause in more detail:
The Buyer and Seller acknowledge that the swimming pool was not operational at the time of inspection.
This is simple and straightforward. So far, so good.
The Buyer and Seller agree that the Buyer's solicitor shall holdback the amount of $__________.00 for the payment of any repairs if needed to ... more

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