Humber/Ontario Real Estate Course 1 Exam Practice

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If additional time is needed for conditional terms in a purchase agreement, what is necessary?

Both parties must provide written agreement for the time extension.
A notice of extension must be signed by the buyer.
Compliance with local property transaction regulations is required.
Verbal agreement suffices if initial agreement is already signed.
A legal mediator must be consulted.
New contractual terms must be drafted.

The correct answer is: Both parties must provide written agreement for the time extension.

In a real estate transaction, when additional time is required for conditional terms in a purchase agreement, it is essential that both parties provide written agreement for the time extension. This written agreement ensures that there is a clear record of the extension and that both parties are in mutual understanding of the new timeline for the conditions to be met. Verbal agreements or unilateral notices are not sufficient in this situation, as they may lead to misunderstandings or disputes later on. It is crucial to have a documented agreement to protect the interests of all parties involved in the transaction.