Humber/Ontario Real Estate Course 4 Exam Practice

When drafting an offer, what follows summarizing the offer math as the next step?

1. Get buyer's initials and signatures.

2. List included chattels and excluded items.

3. Specify dates such as irrevocable and requisition dates.

4. Determine client preferences.

5. Obtain seller's approval.

6. Review legal descriptions.

The correct answer is: Specify dates such as irrevocable and requisition dates.

Specifying dates such as irrevocable and requisition dates follows summarizing the offer math as a critical next step in drafting an offer. This is essential because these dates establish important timelines for both the buyer and seller. The irrevocable date sets the period during which the offer remains valid and can be accepted by the seller. The requisition date typically establishes the timeframe for the buyer to review title documents and any due diligence related to the property. Having these dates defined helps to clarify the expectations for both parties involved in the transaction, ensuring that everyone is aligned on the timing necessary for the completion of the deal. Without this specification, there could be misunderstandings or disputes regarding when certain actions need to take place in the transaction process. Thus, defining these dates is vital for maintaining a smooth transaction and managing expectations effectively.