Common Contracts
1 similar Agreement of Purchase and Sale contracts
The Canadian Abridgment eDigests -- Real PropertyAgreement of Purchase and Sale • February 7th, 2022
Purchasers entered into agreement of purchase and sale for riverside property for $1,090,000 with $20,000 deposit closing 6:00 pm March 31, 2021 -- Purchasers secured $708,499 mortgage and $381,500 bridge financing, but purchasers’ solicitor received funds at 5:30 pm on closing date and while he sent closing package including copy of uncertified cheque, funds were not deposited into vendors’ solicitor’s trust account until April 1, 2021 -- Despite discussions regarding $50,000 increase in purchase price, vendors refused to revive deal -- Purchasers commenced action against vendors for specific performance and brought motion for summary judgment -- Vendors brought cross motion for summary judgment dismissing purchasers’ action -- Motion dismissed -- Cross motion granted; action dismissed -- Judge took judicial notice of rising prices in local housing market and of global pandemic -- Agreement required purchasers to make payment on closing date before 6:00 pm by bank draft, certified che
