Humber/Ontario Real Estate Course 3 Exam Practice

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What should have been changed as part of a counter offer involving an amended purchase price?

Both the deposit and purchase price should have been amended.
The irrevocable clause does not require a change.
The pay a further sum amount only needs to be changed if the deposit amount is changed.
The pay a further sum amount should have been changed as part of the counter offer.

The correct answer is: Both the deposit and purchase price should have been amended.

The correct answer indicates that both the deposit and the purchase price should have been amended in a counter offer involving an amended purchase price. When a seller makes a counter offer that changes the purchase price, it is standard practice to also adjust the deposit amount to reflect this new purchase price. This ensures that the terms of the offer align with the new financial arrangement, thereby establishing clarity and mutual agreement between the parties involved in the transaction. In real estate transactions, the deposit serves as a sign of good faith and commitment from the buyer, and it typically correlates with the overall offer price. If the purchase price increases or decreases, adjusting the deposit amount accordingly is essential to maintain consistency and uphold the integrity of the negotiation process.