True or False
True or False: A buyer has a statutory 10-day cooling-off period to rescind an Agreement of Purchase and Sale for any residential resale property in Ontario.
What is the primary purpose of a 'Status Certificate' in an Ontario condominium transaction?
A - to provide the physical dimensions of the condo unit
B - to guarantee the expenses related to the condo unit
C- To report on the Condo Corporation's fiscal health
D - To provide record of previous ownership
C - The Status Certificate provides essential data on the reserve fund, legal judgements, and common expense arrears that affect the buyer's liability
True or False: A 'patent defect' is a physical problem with a property that is not discoverable through a reasonable surface inspection by a layperson or inspector.
False: A patent defect is reasonably discoverable, such as a cracked wall, a broken window, or stain on the floor
What is the most common remedy used by a lender in Ontario when a borrower defaults on their mortgage?
A - Foreclosure
B - Action for possession
C- Quit Claim Deed
D - Power of Sale
D - Power of Sale
True or False: In Ontario, an Agreement of Purchase and Sale is legally binding even if it is not in writing, provided there is a verbal agreement.
False: The Statute of Frauds requires that all contracts for the sale of land must be in writing and signed by the parties to be enforceable.
Which of the following describes the 'Requisition Date' in a standard OREA Agreement of Purchase and Sale?
A - the deadline to search title to the property
B - the deadline for the buyer to request funds for their mortgage
C - the 24 hour period after a closing where the buyer can note any issues with the property
D - the deadline for the buyer to provide their deposit
A - the deadline to search title to the property
True or False: Under the Planning Act, if a deed is registered for a portion of land that violates Section 50, the transaction is merely voidable at the discretion of the government.
False: the Planning Act is not discretionary, and once violation has occurred it, it means the transfer is automatically void.
How many days does a Condo Corp have to deliver a status certificate?
A - 5 days
B - 10 days
C - 15 days
D - 7 days
B - 10 days