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The Lay of the Land DEVELOPMENTS IN CANADIAN REAL PROPERTY LAW

Tag Archives: agreement

KEEPING IT ENFORCEABLE – THE ESSENTIAL TERMS OF A PURCHASE CONTRACT

Posted in Municipal

It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.

To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the “three Ps” (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback.  Although these legal requirements are well known, even the most experienced real estate professional will occasionally fail to adequately describe one or more essential terms in a purchase … Continue Reading