In an Alberta purchase contract, what is a 'condition' (also called a 'subject clause')?
Correct Answer
B) A clause that must be satisfied or waived before the contract becomes firm and binding
A condition (subject clause) in an Alberta purchase contract is a requirement that must be fulfilled or waived within a specified timeframe. Common conditions include financing approval, home inspection, and review of condominium documents. Until conditions are satisfied or waived, the contract is not firm and binding.
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In an Alberta purchase contract, the completion day is set for a Friday, but the buyer's mortgage funds are delayed and will not be available until Monday. What are the legal consequences?
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In an Alberta transaction, a buyer's offer is conditional on a satisfactory home inspection. The inspection reveals minor cosmetic issues. Can the buyer terminate the contract based on the inspection condition?