[笑傲江湖]

I just signed an Agreement of Purchase and Sale last week, but not sure about the meaning of the "Irrevocable Date". It states like this:

"Subject to the Provisions of paragraph 20 hereof, this Agreement when executed by the Purchaser constitutes an offer to purchase irrevocable for a period of ten days from the date of execution and upon acceptance by the Vendor shall constitute a binding Agreement of Purchase and Sale."

What does this paragraph means? Does this mean I can still terminate this contract within ten days without any penalty?

Your help is greatly appreciated...

[笑傲江湖]

I forgot to say that I have met unexpected financial difficulties after I signed the contract (my LP just lost her job yesterday). With my own income, I will not have enough money for all the expenses. That is why I am thinking about terminating this contract. But in one paragraph of the Agreement, it says:

"DEFAULT In case of default or breach of this Agreement by the Purchaser, the deposit(s) and any other amounts paid by the Purchaser shall be forfeited to the Vendor, irrespective of any other right, cause of action or remedy to which the Vendor may be entitled"

In my case, I have already paid the Vendor $5000 deposit and has already been cashed out. I also notify my lawyer of my intention to terminate this Agreement, that is why I cannot get the lawyer's help any more. I am wondering whether I can still cancel this contract and ask my $5000 deposit back...

[笑傲江湖]

Help please, tomorrow will be the 10th day after I signed the contract.

[笑傲江湖]

Thanks 丫丫.

So for that "Irrevocable Date", does that mean that I can cancel this contract within 10 days with proper written notice?

[笑傲江湖]

最初由 丫丫 发布
不过,可能的话,明天就联系他们的总部,得到书面证明他们收到了你的通知最保险.

Even for the firm contract I signed and the deposit been cashed, I still can get my deposit back? That is good. I feel much more reliefed. Thanks again 丫丫.

[lily603]

购房的合同一般都会写明是conditional sale for a few banking days. 多数情况是以下两条：
1。在一定时间内成功申请到mortgage
2。在一定时间内Home inspection让买方满意
如果其中任何一条不满足就无效，deposit也会退回给你。你的agreement应该有这么两条。如果没有那你的律师就太不称职了。

建议：明天早上尽快联系你的mortgage银行告诉他们你的情况，他们自然会拒绝你的申请。让银行出一个书面的东西，fax给你的律师并让其通知卖方就该没事了。如果agreement 是conditional的你就能把deposit拿回来。

Comments:我们最近共出过3个offer,其中两个是agent起草的，第三个是lawer起草的。三个offer大同小异都是conditional sale，跟你的offer表述相当不同，压根没有deposit归vendor的条款。你的offer是在Ont.还是Que.做的？我的offer大概是这样的:1. Irrevocable for two days. 2. If accepted by the vendor, then it's conditional for 7 banking days. If buyer fails to get mortgage or inspection is not satisfactory within the 7 days then the offer is invalid, the buyer can get deposit back in full without interest.

[笑傲江湖]

Thank you very much for your comments.

I signed a firm deal not a conditional offer. But my LP received a termination letter after I signed the offer, so I will not be able to get the pre-approved amount.

I bought this new house through an agent but the builder provides this offer. Mine is done in Ontario not in Quebec. By the way, what is the meaning of "irrevocable for 2 days"?

Trillions of thanks...

[lily603]

最初由 xyz139 发布
Thank you very much for your comments.

I signed a firm deal not a conditional offer. But my LP received a termination letter after I signed the offer, so I will not be able to get the pre-approved amount.

I bought this new house through an agent but the builder provides this offer. Mine is done in Ontario not in Quebec. By the way, what is the meaning of "irrevocable for 2 days"?

Trillions of thanks...

In my case (second hand sale) it means: Once the offer has been delivered to the vendor, you can not change it or cancel it for 2 days. After 2 days, if not accepted then it's invalid. If accepted then the "conditional" applies. In this case you can terminate the offer in two ways:
1. find some problem with the inspection.- "Not satisfactory"
2. do not even bother with the bank and wait for the 7 days to pass, after that the offer becomes invalid.

[笑傲江湖]

最初由 lily603 发布

In this case you can terminate the offer in two ways:
1. find some problem with the inspection.- "Not satisfactory"
2. do not even bother with the bank and wait for the 7 days to pass, after that the offer becomes invalid.

But I have paid $5000 deposit and the cheque was already cashed out. I want to have my deposit if I can't get the mortgage approved ...

[lily603]

I know a friend also terminated a contract before and got his deposit back. But I don't know how. His builder was Minto.

[笑傲江湖]

Thanks you all!

[笑傲江湖]

I just faxed out my request to terminate the Agreement I signed last week to the sales agent, but I am not sure whether the builder will keep my deposit or ask for more money for penalty (becused the contract I signed is FIRM not conditional).

Please treat this as a lesson for those who is planning in buying a house:

1. Never put a big downpayment in (better to put less than $1000 or $500 if you can).
2. Alway put a condition: based on approved mortgage. In my case, I have a pre-approved, but my LP lost her job after signing the contract. You never know what is going to happen...

[lily603]

The agreement for the new house is definitely not fair for the purchaser. Hope you can get your deposit back.

[笑傲江湖]

最初由 丫丫 发布
这几年来，在渥太华买新房都是这样的'规矩',townhouse $5000,single $10,000 deposit, 不可能买家说押金多少就多少的,这就不要自责了.

I see, I thought only small builders charge a big deposit..

[笑傲江湖]

最初由 lily603 发布
The agreement for the new house is definitely not fair for the purchaser. Hope you can get your deposit back.

Now I know, I hope so too....