Humber/Ontario Real Estate Course 2 Exam Practice

What is the proper sequence of key dates for an offer with a home inspection condition?

1. Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

2. The proper sequence is not essential for legality

3. Offer Date, Irrevocable Date, Completion Date, Home Inspection Condition Date, Requisition Date

4. Offer Date, Completion Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date

5. Offer Date, Home Inspection Condition Date, Irrevocable Date, Requisition Date, Completion Date

6. Offer Date, Completion Date, Requisition Date, Irrevocable Date, Home Inspection Condition Date

The correct answer is: Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

In a real estate transaction with a home inspection condition, the proper sequence of key dates is crucial for ensuring a smooth and legally binding process. The correct sequence starts with the Offer Date, followed by the Irrevocable Date, then the Home Inspection Condition Date, the Requisition Date, and finally the Completion Date. This sequence is important because it establishes a clear timeline for the various steps involved in the transaction. The Offer Date is when the offer is made, setting the initial terms. The Irrevocable Date is the deadline by which the offer must be accepted or rejected. The Home Inspection Condition Date allows the buyer to conduct an inspection of the property, ensuring it meets their standards. The Requisition Date is when any outstanding issues or concerns must be addressed, and finally, the Completion Date is when the transaction is finalized, and ownership of the property is transferred. Therefore, option A is the correct choice as it presents the proper and logical sequence of key dates for an offer with a home inspection condition in a real estate transaction.