Humber/Ontario Real Estate Course 3 Exam Practice

What is the correct order of key dates in a home inspection condition offer?

1. A:Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

2. B:Offer Date, Irrevocable Date, Requisition Date, Home Inspection Condition Date, Completion Date

3. C:Offer Date, Irrevocable Date, Home Inspection Condition Date, Completion Date, Requisition Date

4. D:Offer Date, Irrevocable Date, Completion Date, Home Inspection Condition Date, Requisition Date

5. E:Offer Date, Completion Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date

6. F:Irrevocable Date, Offer Date, Home Inspection Condition Date, Requisition Date, Completion Date

The correct answer is: A:Offer Date, Irrevocable Date, Home Inspection Condition Date, Requisition Date, Completion Date

The correct order of key dates in a home inspection condition offer begins with the Offer Date, followed by the Irrevocable Date. The Home Inspection Condition Date follows next, allowing the buyer a specified period to conduct the inspection. After confirming the inspection results, the Requisition Date comes into play, which is a point in the transaction where the buyer's lawyer conducts necessary inquiries, and finally, the process culminates with the Completion Date, when the ownership is officially transferred. This sequence is logical, as it reflects the chronological steps taken during the home purchasing process, ensuring that buyers have the opportunity to review the property condition before finalizing the purchase. Understanding this order helps prospective real estate professionals emphasize critical timelines for their clients, ensuring that all parties are clear on the process and deadlines involved.