Humber/Ontario Real Estate Course 3 Exam Practice

What determines the buyer's right to re-inspect the property prior to closing a sale?

1. Is specifically detailed in the 'Inspection' clause in the agreement of purchase and sale.

2. Is determined based on negotiations between buyer and seller at point of offer negotiations.

3. Is normally negotiated so that a home inspector can once again view the property and identify any problems.

4. Must occur within three business days before sale completion.

The correct answer is: Is determined based on negotiations between buyer and seller at point of offer negotiations.

The buyer's right to re-inspect the property prior to closing a sale is primarily determined by the negotiations that take place between the buyer and seller at the point when the offer is made. This is because the terms of the purchase agreement, including any re-inspection rights, are the result of discussions and agreements between the parties involved. During these negotiations, the buyer may request the opportunity to re-inspect the property, and it is up to the seller to agree to this request or set specific terms regarding the re-inspection. It's important to note that the details regarding how and when the re-inspection takes place, and any related conditions, will be outlined in the agreement of purchase and sale. Thus, while re-inspections are common, the specific rights and conditions of those re-inspections are not inherently guaranteed by standard practices; they rely on what is agreed upon during negotiations. In contrast, while the inspection clause in the purchase agreement can articulate processes, the ability to re-inspect hinges more on what the buyer and seller agree upon earlier in the transaction. Additionally, the timing of the re-inspection is typically flexible and not confined to strict timelines like three business days before completion unless the parties explicitly agree. Overall, the context of negotiations