Humber/Ontario Real Estate Course 4 Exam Practice

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A seller has given a survey of the property which the buyer wants included in the purchase agreement. How should the survey be designated within the agreement?

As Schedule 1 since it's the first attachment.
As Schedule B if no other schedules are added.
As a supplementary document that doesn't form part of the agreement.
As Schedule A, as a standard practice for any first attachment.
As a document requiring no initials from buyer or seller.
As an appendix.

The correct answer is: As Schedule B if no other schedules are added.

In real estate transactions, clarity and proper designation of documents within a purchase agreement are essential for establishing legally binding terms between the parties involved. The designation of the survey as Schedule B is particularly fitting when there are no other schedules included in the agreement. Schedule B signifies an additional document that complements the primary agreement and supports the buyer and seller's understanding of the property's specifics. Using Schedule B ensures that the survey is clearly recognized within the context of the purchase agreement, allowing for the inclusion of important property details that can influence the transaction. When there are multiple schedules, other designations may apply; however, when the survey is the sole additional document, Schedule B serves to maintain organization and clarity within the agreement. In contrast, referring to the survey as Schedule 1 would suggest that it is the first of multiple attachments, which may not apply if it is the only additional document. Designating it as a supplementary document that doesn’t form part of the agreement would undermine its relevance and enforceability. Designating it as Schedule A or as a document requiring no initials may also lead to confusion regarding its importance in the purchase process. Lastly, referring to it as an appendix does not align with standard real estate practice for documenting annexed information in property agreements.