The College is Closing

The OREA Real Estate College will cease to operate on December 31, 2020. Find out how the closing will affect admissions and the deadline to complete programs.

Deadline for Admissions

  • Admissions documents for The Salesperson Registration Education Program must be received by the OREA Real Estate College no later than April 30, 2019
  • The Admissions Test (if applicable) must be successfully completed on or before April 30, 2019
  • Admissions to The Broker Registration Education Program will not be accepted after April 30, 2019
  • No exceptions or extensions will be permitted

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Legal Beat: Saturday closing leads to lawsuit

May 2015

Legal Beat: Saturday closing leads to lawsuit

May 3, 2015 Legal Beat

by Merv Burgard, Q.C

A closing date in an APS for a $2.9 million property was set for a Saturday -- but real estate registrations cannot occur on a Saturday in Ontario.

Neither party was ready, willing or able to close on that Saturday or on the following Monday.

The buyers then repudiated the contract; the sellers restored the time of the essence by setting a new closing date and tendering properly on that date. The sellers resold for $3.25 million.

The courts held that the buyers' $75,000 deposit could be retained by the sellers.  

Varajao v Azish 2015 ONCA 218

Mervin Burgard Q.C.

MERV’S COMMENTS

Even though the sellers managed in the end to sell the property for a higher amount and did not suffer any damages, it was reasonable (and, as the judge said, not unconscionable) for them to keep the forfeited deposit. It is a proportionate amount of a deposit under the circumstances of these facts, based on the purchase price.

A Saturday closing date??!!  As every lawyer and REALTOR® in Ontario is taught, a real estate registration only occurs when the registry system is open. That cannot be a Saturday, Sunday or statutory holiday.

Mervin Burgard, Q.C.


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