Sunday, 10 June 2018

Decision which sent shock waves through the real estate industry,!!!

Decision which sent shock waves through the real estate industry,The standard clause “to the best of the seller’s knowledge and belief,” contained in an Agreement of Purchase and Sale, has had its meaning settled by the Ontario Court of Appeal.The initial judge ruled that the buyer was entitled to terminate the transaction because the representation was not true upon the closing date.the Court of Appeal reversed that decision and ruled that when sellers make a representation to the best of their knowledge and belief, the statement only speaks to the exact point in time the representation was made. Unless the language in the contract states that the representation continues until closing, it does not.