[问题] Interpretation of Agreement of Purchase and Sale Document

[笑傲江湖]

I just signed an Agreement of Purchase and Sale last week, but I have difficulties in understanding 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.
:thanks: :thanks: :thanks: :thanks: :thanks: :thanks:

 

[笑傲江湖]

Re: [问题] Interpretation of the Legal Document

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

 

[中南海]

Re: [问题] Interpretation of the Legal Document

1. "irrevocable for a period of ten days" means 10 days is guaranteed, can not be canceled or reduced
2. as to the penalty and terminating the contract, it depends on what's said in the contract/Agreement or the offer you've made

 

[笑傲江湖]

Re: Re: [问题] Interpretation of the Legal Document

Thanks 中南海.

What do you by the first one? Who and what can't not be cancelled or reduced?

 

[中南海]

Re: Re: Re: [问题] Interpretation of the Legal Document

最初由 xyz139 发布
Thanks 中南海.

What do you by the first one? Who and what can't not be cancelled or reduced?

e.g. 10 days can not be cut down to 5 days by either purchaser or vendor

 

[笑傲江湖]

Re: Re: Re: Re: [问题] Interpretation of the Legal Document

最初由 中南海 发布

e.g. 10 days can not be cut down to 5 days by either purchaser or vendor

Thanks again, 中南海. But, I still do not understand, why cutting 10 days to 5 days, for what? Could you please explain to me a little bit more?

 

[中南海]

Re: Re: Re: Re: Re: [问题] Interpretation of the Legal Document

最初由 xyz139 发布


Thanks again, 中南海. But, I still do not understand, why cutting 10 days to 5 days, for what? Could you please explain to me a little bit more?

I think you don't have to worry about this since you are on the 9th day, tomorrow is the l0th day?

 

[笑傲江湖]

Re: Re: Re: Re: Re: Re: [问题] Interpretation of the Legal Document

最初由 中南海 发布

I think you don't have to worry about this since you are on the 9th day, tomorrow is the l0th day?

That is right, tomorrow will be the 10th. If I want to terminate this firm contract, I have to do it before the end of tomorrow. Right? Thanks

 

[中南海]

Re: Re: Re: Re: Re: Re: Re: [问题] Interpretation of the Legal Document

最初由 xyz139 发布


That is right, tomorrow will be the 10th. If I want to terminate this firm contract, I have to do it before the end of tomorrow. Right? Thanks

I can't give you the answer without seeing the actual contract. Like what I said, it's really depending on what's been said in the contract or the offer you've made.

 

[铁观音]

大意：受20条所限， 本合约自买家执行之日起构成一个为期10日的不可撤消要约，如卖家接受此要约，则本合约即成为具约束力的买卖合约。

不肯定“chase"的意思

 

[spsun1]

This is to say you give the seller 10 days to accept your offer.

If you change you mind, you may lose your deposit. Unless you have other conditions to buy the house.

 

[笑傲江湖]

Thank you all!!!:thanks: :thanks: :thanks:

 

[笑傲江湖]

最初由 铁观音 发布
大意：受20条所限， 本合约自买家执行之日起构成一个为期10日的不可撤消要约，如卖家接受此要约，则本合约即成为具约束力的买卖合约。

不肯定“chase"的意思

Thanks 铁观音. That is my typo, it should be "purchase" :blowzy:

 

[楚风]

Cited from Consumer Protection Act
ONTARIO REGULATION 175/01, DIRECT SALES CONTRACTS

"Where a buyer cancels a direct sales contract under subsection 23.3 (1) of the Act, the seller may deduct from the refund of money described in clause 23.6 (2) (a) of the Act a sum for reasonable compensation for the services that the seller provided under the contract if the buyer solicited the services from the seller and requested that the seller provide the services within 10 days after the buyer received the written copy of the contract required by subsection 23.2 (2) of the Act. O. Reg. 175/01, s. 3."

My comments:
1) You (purchaser) have to pay reasonable compensation if you asked service within 10 days after the date on the written contract if you cancel the contract.
2) You can cancel a contract(e.g. a door to door sale contract) within 10 days without any penalty becauce the seller solicit the contract.
3) You cannot cancel a contract after 10 days (irrevocable). The Act provides 10 days for the consumer to calm down after signing a contract in order to protect the consumer.