Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale Already Passed

Humber Real Estate - Course 2, Module 15, Introducing a Residential Agreement of Purchase and Sale Already Passed What is considered the 'Offer Date'? When an offer is drafted, not signed. Does the date of an offer change? No. Even if terms are changed on a following day and the offer is re-submitted, the offer date remains the same. What are the minimum requirements of using a legal name for a seller or buyer when drafting an offer? Use the full legal names, and if the individual has one or more middle names, at a minimum identify the initial(s). Tip: Whenever possible, use the full middle name(s) as this helps distinguish the seller or buyer who has a common first and last name. When drafting an offer, where can the seller(s) full legal name(s) be obtained? From the listing information. To confirm joint ownership of a property, both names must appear on the ________. TItle If only one spouse is on the title, but the property is considered a matrimonial home, the spouse on title is identified as a _________ and that spouse signs the agreement of purchase and sale as a seller. The non-titled spouse is asked to provide their consent. Seller What are the requirements of signing agreements when a corporation is a seller or buyer? Use the full legal name to identify the corporation and ensure the appropriate officer(s) are identified, and the corporate seal is used with their signature. If a corporation does not have seal to stamp an agreement with, individuals signing can write what phrase on the signature lines on the agreement? "I/we have the authority to bind the corporation" When preparing an agreement of purchase and sale for a partnership, you should take what steps? - Use the partnership name - Confirm who the partners are, and who has the authority to bind the partnership What's the difference between a general partnership and a limited partnership? - In a general partnership, one partner can sign the agreement which binds the partnership - In a limited partnership, a limited partner may not have this authority Who is the only person with legal authority to manage or distribute an estate, and who would be named in the deceased's will? An estate trustee How can you verify that an individual has the authority to act as an estate trustee? Ask for a notarized copy of probate documents to ensure all the trustees have signed and have the power the sell under the will. True or false? An estate trustee can list a property for sale prior to obtaining probate? True, but the title cannot be transferred until probate has been obtained. What is a Power of Attorney (POA)? A legal document giving authority for someone to act on behalf of another person. How can you verify someone's Power of Attorney (POA)? - Obtain an original copy of the Power of Attorney (POA) or a notarized copy of it. - You must also verify that the POA is legally valid, gives the attorney the authority to sign that particular type of agreement and that the POA is still in full force and effect (e.g. hasn't been revoked by the Donor or has not expired if it had an expiry date). When the person represented by a Power of Attorney dies, the POA is no longer _________. Valid Why might a buyer use a trustee to make an offer? To remain anonymous or to incorporate a company. To ensure a complete description for each property is identified, what information would be included in an agreement of purchase and sale? - Address - Side of the road the property is fronting on - Municipality, city, township, region - Lot size - Legal