Humber/Ontario Real Estate Course 4 Exam Practice

Which sequence of key dates is correct for an offer with no conditions?

1. Offer Date, Irrevocable Date, Requisition Date, Completion Date

2. Offer Date, Requisition Date, Irrevocable Date, Completion Date

3. Offer Date, Completion Date, Requisition Date, Irrevocable Date

4. Offer Date, Completion Date, Irrevocable Date, Requisition Date

5. Offer Date, Requisition Date, Completion Date, Irrevocable Date

6. Offer Date, Irrevocable Date, Completion Date, Requisition Date

The correct answer is: Offer Date, Irrevocable Date, Requisition Date, Completion Date

In real estate transactions, understanding the sequence of key dates is essential for both buyers and sellers. When an offer has no conditions, it implies a direct agreement leading towards the closing of the transaction, and the key dates follow a logical order to ensure a smooth process. The correct sequence starts with the Offer Date, which is when the buyer submits the offer to the seller. Following acceptance of the offer, the next key date is the Irrevocable Date. This is the period during which the seller must respond to the offer, and during which the buyer’s offer is binding. After the offer is accepted and the irrevocability period has elapsed, the Requisition Date comes into play. This date refers to when the buyer's lawyer or the buyer themselves will typically perform due diligence and request specific documents relating to the property. Finally, the sequence concludes with the Completion Date, which signifies the day that ownership is officially transferred from the seller to the buyer, and all financial transactions are settled. Thus, this understanding of the logical flow of these dates—starting with the initial offer and culminating in the final transfer of ownership—supports why the first option presents the correct sequence for an offer with no conditions.