Ontario Real Estate Licensing Exam Practice · Question
A buyer has an Agreement of Purchase and Sale with a condition that their lawyer review and approve the title within five business days. On the fourth day, the buyer decides they are satisfied with the title without their lawyer's official approval. What action must the buyer take regarding the condition?
To make an agreement firm when a condition for the buyer's benefit has been satisfied earlier than expected, the buyer must provide formal written notice to the
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Question: A buyer has an Agreement of Purchase and Sale with a condition that their lawyer review and approve the title within five business days. On the fourth day, the buyer decides they are satisfied with the title without their lawyer's official approval. What action must the buyer take regarding the condition?
Answer options: ✅ Provide written notice to the seller waiving the condition.
- Verbally inform their real estate agent to proceed.
- No action is required as satisfaction is assumed.
- The lawyer must still provide written approval for the condition to be fulfilled.
Correct answer: Provide written notice to the seller waiving the condition.
Explanation: To make an agreement firm when a condition for the buyer's benefit has been satisfied earlier than expected, the buyer must provide formal written notice to the seller (or their representative) that they are waiving the condition, as per standard contractual practices.
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