These are standard clauses, as issued by OREA, for protection in many regards due to Covid-19.
If you have any questions regarding modifying these clauses, or how these are interepreted, Feel free to message me via our Facebook Messenger below, via e-mail at firstname.lastname@example.org , or call/text at 905-230-8688.
AUTOMATIC DELAY OF COMPLETION IF EITHER PARTY IS QUARANTINED AND CANNOT SIGN
The Buyer and Seller agree and acknowledge that in the event that the Buyer or Seller to the Agreement becomes the subject of a mandatory COVID-19 virus quarantine at the time of performance here under that results in the parties’ inability to complete the transaction as scheduled, the closing shall be automatically extended at the request of either affected party for a period of fourteen (14) calendar days, unless the parties otherwise mutually agree to extend the Completion Date further. If this clause is invoked, the Buyer and Seller shall continue to act in good faith and use their reasonable best efforts to ensure the completion of the transaction occurs on as timely a basis as possible, and will not use this as a means to delay closing in anticipation of any such quarantine or closures, or for reasons unrelated to COVID-19. Time shall remain of the essence for any extended closing date as a result of this clause.The parties herein acknowledge and agree that they are required to close this transaction notwithstanding any impacts of COVID-19, save and except the closing of the Land Registry Office(s) and all financial institutions.
Buyer and Seller acknowledge that due to measures taken by the Provincial Government in response to the current COVID-19 pandemic, there could possibly be a delay at land registration that would affect the actual registration date from the date herein contemplated.
In such event, the Buyer and Seller hereby agree to extend the completion date of this transaction until the next possible date following the scheduled date of completion that registration could actually be effected, with no additional charges being made to the Buyer.
Notwithstanding the foregoing, in the event the Buyer’s title Insurer has provided “gap coverage” to the Buyer, and all closing funds have been paid to the Seller’s Solicitor in trust, keys may be released (possession transferred) to the Buyer with title transfer and registration to take place at a later date.
In such circumstances all expenses and risk related to the property shall be the responsibility of the Buyer from the date of such escrow closing.
Buyer and Seller agree that if (i) Buyer’s bank and/or mortgage lender or (ii) the applicable Land Registry Office, temporarily ceases operations, such that either party is frustrated from completing this transaction for reasons wholly outside the control of that party, then the completion date shall be automatically extended to the date that is ten (10) business days following the resumption of the interrupted bank or land registry services or sooner if the parties agree.
ELECTRONIC, WIRELESS OR REMOTE DEPOSIT SUBMISSION
The Buyer agrees to submit their deposit directly into the Trust Account of the Listing Brokerage via Electronic Funds Transfer, Deposit at TD Branch, Wire Transfer or other means deamed acceptable by the Listing Brokerage.
CONSENT FOR ELECTRONIC PRESENTATION & SIGNING OF CLOSING DOCUMENTS
The parties hereto consent and agree that any closing documentation may be executed remotely utilizing video conferencing which may include the use of electronic signatures pursuant to the Electronic Commerce Act 2000, S.O. 2000, c17 as amended from time to time.
TRANSFER OF KEYS
The parties agree that the keys to the property shall be left in a lock box at the property and the code to the same is to be provided to the Buyer’s lawyer in escrow pending closing of this transaction.