Humber/Ontario Real Estate Course 3 Exam Practice

In a negotiation for a purchase and sale agreement, what survey-related measure must be taken?

1. The seller is obligated to provide a new survey.

2. The buyer must provide a survey if the seller lacks one.

3. A survey can be done at the expense of either party.

4. A new survey is mandatory for a valid agreement.

5. No survey is required if both parties waive the need.

6. A survey is only needed if requested by the buyer.

The correct answer is: A survey can be done at the expense of either party.

The correct measure regarding surveys in a negotiation for a purchase and sale agreement is that a survey can be conducted at the expense of either party. This reflects the collaborative nature of real estate negotiations, where both the buyer and seller have stakes in ensuring the property boundaries are accurately defined and any potential disputes over property lines can be mitigated. It’s not uncommon for either party to request or need a survey to clarify property boundaries or easements, and both parties should understand that the cost of obtaining this survey can be negotiated as part of the overall purchase agreement. This flexibility allows for a practical approach, considering that conditions can vary widely between transactions. In context, it is often neither obligatory for the seller to provide a new survey nor for the buyer to be the only one responsible for securing it. Additionally, while a survey is a valuable tool in the transaction process, it can be waived if all parties agree, which negates the idea that it is mandatory. This understanding helps underline why the notion of shared responsibility for the survey is appropriate in real estate negotiations.