Terms continued -
Purchaser – The party that is buying the
Rescind – To cancel a contractual agreement.
Section 27 Statement – establishes a procedure
allowing for release of the deposit to the vendor
prior to settlement.
Section 32 Statement – is a disclosure
document provided by the seller of real estate (vendor)
to an (also known as Vendors intending purchaser. Its name
comes from Section 32 of the Sale
of Land Act Statement) which requires a vendor to provide certain
information to a purchaser
BEFORE a contract of sale is signed.
Settlement date – Settlement date is the
day when buyer, having paid the balance (or full amount)
of monies of the purchase price, receives the ownership to the property.
Statement of Adjustments – the document
that sets out the rates and any other charges that
have to be apportioned as between the vendor and the purchaser.
Unconditional Contract – An absolute contract
– The party selling the property