Humber/Ontario Real Estate Course 2 Exam Practice

In an accepted agreement of purchase and sale, what is required for an amendment to be valid?

1. New wording only

2. Signatures of the initial parties

3. Revised completion date only

4. Updated buyer information

5. Cross-reference to the original agreement

The correct answer is: Signatures of the initial parties

In an accepted agreement of purchase and sale, for an amendment to be valid, it is required to have the signatures of the initial parties. This is crucial because all parties involved in the original agreement need to consent to any changes or modifications made to the contract. Signatures ensure that all parties are aware of and agree to the new terms outlined in the amendment, maintaining transparency and legal validity in the transaction. The other options are incorrect because: A. Just presenting new wording without the signatures of the initial parties would not be sufficient to validate an amendment. C. Merely changing the completion date without the necessary signatures would not make the amendment valid. D. Updating buyer information without the required signatures does not make the amendment legally binding. E. Including a cross-reference to the original agreement alone does not establish the validity of the amendment; signatures are essential for this purpose.