Kelly Brown and Bradley Brown are recent newlyweds and they have decided to purchase their first home
Question:
Kelly Brown and Bradley Brown are recent newlyweds and they have decided to purchase their first home together from Kevin Smith and Karen Smith for $635,000.00 (HST included).
Kelly and Bradley's email address is k..n@gmail.com and Karen and Kevin's email address is k..h@hotmail.com. Kelly and Bradley have retained the services of Robert Redford, of Michael, Eliad and Redford LLP to represent them in their purchase.
The office is located at 860 Seneca Lane, Suite 1200, Kingston, Ontario K7M 6Y9, Tel: 613-384-5600, Fax: 613-384-5601, email: r..d@mer.com. Kelly and Bradley have placed a $15,000.00 deposit down on the property, which is being held in trust by their real estate agent.
The real estate agent for Kelly and Bradley in this transaction is Mike Griffin, of Remax Realty (Fax: 613-544-5630, Phone: 613-544- 0211).
The vendor's real estate agent is Thomas Pearson of Realty Plus Ltd. (Fax: 613-546-0738, Phone: 613-546-9483).
The municipal address of the single-family residence is 544 Crossfield Avenue, Kingston, Ontario K7P 6Y8.
The house is fronting the South Side of Crossfield Avenue and has a frontage of 55 feet and a depth of 450 feet.
The property is legally described as Lot 98 Plan 6588, City of Kingston, County of Frontenac. Kevin and Karen have retained John Black, of Castleman Brock LLP (96 Clarence Street, Kingston, Ontario K7M 2E5, Tel: 613-563-7660, Fax: 613-568-8925, email: J..k@lawfirm.com) to represent them in the sale of their home.
After much debate, Kevin and Karen have decided to include the following chattels in their sale transaction: Washer, Dryer, Fridge, Stove, Microwave, Lawnmower, Patio Set, Living Room Curtains and the Area Rug in the Dining Room.
Kevin and Karen have excluded the Chandelier in the Dining Room as it is a family heirloom.
The only rental item in the home is the hot water tank.
The conditions in relation to financing are as follows: Buyer agrees to pay the balance as follows: Pay to the Seller the amount of ($635,000.00), subject to the usual adjustments.
The conditions in relation to the home inspection are as follows: The offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion.
The conditions relating to financing, home inspection at the buyer's expense, are conditional by the buyer until April 20, 2023 at 6:00 p.m.
The closing date for this deal is June 01, 2023. The title search is to be completed by May 04, 2023. This agreement is to be signed by both the purchaser and seller as of today's date. Please prepare the Agreement of Purchase and Sale based on the instructions provided.
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso