Thursday, June 30, 2011

This legal address isn't correct!

While in subject removal stage of an offer you have discovered the legal address was entered into Matrix (the MLS® system) incorrectly, therefore it has transferred over to your written contract of purchase & sale incorrectly                                      
– What to do????
This is a clerical error and should not affect the validity of the offer - don't let it ruffle the feathers of either party.  Ensure the property your Seller intends to sell and the Buyer intends to buy is clear for everyone and secure the correct legal address.
From where?? -     the title search, the sellers BC Tax Assessment Notice, BC on-line.   Once subject are removed and your offer is firm, amend the address so the contract is correct for the lender and the lawyers.  Have all parties sign the amendment.  The other party would not be able to consider the amendment a counter offer as correcting the detail would fall under the

"Doctrine of equitable Rectification
the  doctrine of equitable rectification: does not render the contract void or voidable. It relates solely to written contracts. A court will make an order that the contract be corrected so that it accords with what was actually agreed to by the parties. Once corrected then the contract is binding as corrected. It is about making corrections where there has been an obvious slip. It is not about making the contract accord with what one, or both, of the parties thought it ought to say. it can not be used to alter a contract to take into account some pre-contractual promise. The limited scope of the doctrine of equitable rectification is made clear by the High Court.

Don't let this big eraser mislead you - never never use white out or eraser on a contract - stroke through, clearly write the correct information and have all parties initial the change or, after your offer is accepted by all, use an Amendment Form - not an Addendum to make changes or corrections.  The preprinted items on the Amendment form are very important to contract law and should never be missed. 

ie) For Good and Valuable Consideration, The Buyer and Seller Agree:   
"All other terms and conditions contained in the said agreement remain the same and in full force and effect. Time shall remains of the essence."

When the going gets "Tough"... just call me
Susan Tough
Posting your thoughts and comments are welcome and great for all to read!

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