Humber/Ontario Real Estate Course 3 Exam Practice

Which element is NOT a key date to be included in an agreement of purchase and sale?

1. Title search date

2. Irrevocable date

3. Offer date

4. Closing date

5. Inspection completion date

6. Conditional completion date

The correct answer is: Inspection completion date

In an agreement of purchase and sale, all dates play a crucial role in defining the terms and conditions of the contract. The title search date is important for verifying ownership rights, the irrevocable date outlines the time frame within which the offer cannot be revoked, the offer date marks the beginning of negotiations, the closing date specifies the transfer of ownership, and the conditional completion date determines when specific conditions must be met for the sale to proceed. However, the inspection completion date is NOT typically considered a key date in an agreement of purchase and sale. While property inspections are commonly included in real estate transactions to ensure the property's condition is satisfactory, the completion of these inspections is not typically a fixed date delineated in the contract. The completion of inspections usually aligns with the fulfillment of conditions within a specified timeframe rather than a distinct date stated in the agreement.