A buyer's offer contains a financing condition to be fulfilled or waived within five business days after acceptance. The seller accepts on a Tuesday, and there are no holidays that week or the next. Counting from the day after acceptance, what is the last day to fulfill or waive the condition?
Correct Answer
C) The following Tuesday
Business days exclude weekends and holidays. Counting from the day after acceptance: Wednesday (1), Thursday (2), Friday (3), Monday (4) and Tuesday (5), so the deadline falls on the following Tuesday at the time stated in the clause.
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A buyer signs an agreement to buy a pre-construction condominium unit from the declarant on March 3 and receives the disclosure statement and condominium guide that day. She receives her copy of the agreement signed by both parties on March 8. Under s. 73 of the Condominium Act, 1998, by what date must the declarant receive her notice of rescission?
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A buyer submits an offer with a condition for financing approval within 5 business days. What happens if the buyer cannot secure financing by the deadline?