failure: Failure to Clarify "Closing Date"
- 02/26/12 02:46 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 4 Closing Date
Sometimes, the issue of the closing date is just unclear. Courts need this matter to be certain. So, it is either specifically mentioned in the agreement, or it is subject to a formula.
Naturally, the ones which are subject to some kind of formula are the ones which give rise to problems. … (3 comments)
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failure: Failure to Clarify "Description"
- 02/26/12 02:33 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 3 Description
If the parties are expecting the Courts to enforce the agreement, then the description of the property must be clear. And, that does not mean "as clear as mud".
Suppose that the Courts cannot easily conclude what was properly the subject-matter of the transaction? This means "back to the drawing board- no … (1 comments)
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failure: Failure to Clarify "Price"
- 02/26/12 02:03 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 2 Price
Courts need to know what the price may happen to be. In a residential situation, this should be clear. It's right on the first page of the offer.
When it is a new building, there may be government grants, incentives and rebates which all must be taken into consideration in calculating the … (3 comments)
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failure: Failure to Clarify the "Parties"
- 02/26/12 01:53 AM
Ontario Real Estate Source
By Brian Madigan LL.B.
In order to be "enforceable", real estate contracts must be "definite and clear". So, here, the Courts will look to:
1) parties, (sufficient to identify)
2) price, (capable of ascertainment)
3) description, (capable of ascertainment)
4) closing date, (capable of ascertainment)
# 1 Parties
If Courts cannot figure out who the other party is to the agreement, then it simply will not be enforceable.
So, where does this happen? Usually with commercial transactions involving shell companies, joint ventures, syndicates, partnerships and trusts.
It has to be clear who is the contracting party. Frequently, there is … (1 comments)
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Ontario Real Estate Source
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