Humber/Ontario Real Estate Course 3 Exam Practice

When drafting an agreement of purchase and sale, which key date is NOT necessary?

1. The conditional date

2. The offer date

3. The irrevocable date

4. The title search date

5. The closing date

6. The inspection date

The correct answer is: The conditional date

In drafting an agreement of purchase and sale, the key dates are crucial for outlining the timeline and responsibilities of both parties involved in the transaction. The offer date is essential as it establishes the starting point of the agreement. The irrevocable date specifies the deadline by which the offer must be accepted or rejected. The title search date is significant for conducting due diligence on the property's ownership history and potential issues. The closing date is vital as it designates when the property will officially change ownership. The inspection date is important for determining the period within which the buyer can inspect the property and negotiate any necessary repairs or adjustments. The option "A. The conditional date" is the correct answer as it is not a standard key date in an agreement of purchase and sale. While conditions may be included in the agreement, such as financing or home inspection contingencies, there is no specific "conditional date" that needs to be defined. Instead, conditions typically have their own timelines within the agreement.