Humber Real Estate - Course 2, Module 16, Welcome to Completing a Residential Agreement of Purchase and Sale questions with correct answers

Step 1. Summarize the offer mathematics (use the SAD formula to calculate the balance due on closing) Step 2. Identify the required dates (offer date, irrevocable date, requisition date, closing date) Step 3. List the required information to be included on a schedule (Schedule A is part of every offer) Step 4. Identify any additional information required for the offer (Chattels included, fixtures excluded, easements, rental items, HST included or in addition to) CORRECT ANSWER What 4 steps should you use to prepare an Offer Plan? - The balance due on completion - Terms and conditions such as financing or a property inspection CORRECT ANSWER What information is included in Schedule A (a part of every offer)? That the seller will maintain the property and keep fire insurance on the property until closing. Note: If you don't use OREA forms which has this warranty pre-printed, this isn't *necessarily* warranted / required by the seller. CORRECT ANSWER What does the Insurance clause warranty in an agreement of purchase and sale (written by OREA)? Schedule A