Ontario Real Estate Licensing Exam Practice · Question
Sarah, a real estate salesperson, is preparing an offer for her client, Emily, to purchase a pre-construction condominium unit in downtown Toronto. Emily is concerned about potential construction delays and wants to ensure she has some recourse if the project is significantly delayed. What essential document related to pre-construction condos should Sarah advise Emily to thoroughly review for details on potential delays and occupancy dates?
For pre-construction condominiums, the Agreement of Purchase and Sale, along with the Tarion Addendum, contains critical information regarding closing dates, de
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Question: Sarah, a real estate salesperson, is preparing an offer for her client, Emily, to purchase a pre-construction condominium unit in downtown Toronto. Emily is concerned about potential construction delays and wants to ensure she has some recourse if the project is significantly delayed. What essential document related to pre-construction condos should Sarah advise Emily to thoroughly review for details on potential delays and occupancy dates?
Answer options:
- The Condominium Declaration
- The Property Information Form ✅ The Agreement of Purchase and Sale and the Tarion Addendum
- The Status Certificate
Correct answer: The Agreement of Purchase and Sale and the Tarion Addendum
Explanation: For pre-construction condominiums, the Agreement of Purchase and Sale, along with the Tarion Addendum, contains critical information regarding closing dates, delays, and remedies, as per the Condominium Act, 1998 and Tarion regulations.
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