RE c3 Flashcards
In real estate, the term “irrevocable date” refers
to the deadline by which a party, usually the seller or the buyer, must accept or reject an offer. After this date passes, the offer becomes “irrevocable,” meaning that it can no longer be accepted by the receiving party unless the offering party agrees to extend or renew it.
Here’s how it works in a real estate context:
Offer Presentation: A buyer makes an offer to purchase a property, which includes terms, conditions, and an irrevocable date.
Acceptance Period: The seller has until the irrevocable date to accept, reject, or counter the offer.
After the Irrevocable Date: If the seller does not respond by the irrevocable date, the offer automatically expires, and the buyer is no longer bound by it.
The irrevocable date is critical in real estate negotiations, ensuring that both parties are aware of the timeline for decision-making
In Ontario real estate, the “requisition date” refers to
In Ontario real estate, the “requisition date” refers to a specific deadline in the purchase agreement by which the buyer’s lawyer must raise any objections or issues regarding the title to the property. It is a critical date in the due diligence process of a real estate transaction.
Net operating income, or NOI
Net operating income, or NOI, measures the profitability of an asset or an investment after subtracting operating expenses from income. It’s often used in the commercial real estate industry to determine the profitability of investment properties such as office buildings, apartment complexes, or warehouses.
The acronym WETT
The acronym WETT stands for Wood Energy Technology Transfer
A WETT inspection, short for Wood Energy Technology Transfer, is a thorough inspection of all types of wood burning appliances. This includes fireplaces, fireplace inserts, wood stoves, pellet stoves and outside boiler
