Not every mistake in
real estate has an affect on the real estate
contract. The law does not simply declare a
contract void simply because one party or
the other makes a mistake.
The determination of
a mistake and its impact on a contract is a
serious legal issue and appropriate
professional advice should be obtained.
Three main types of
mistake exist;
Common
Mistake: both parties to the
contract know the intention of the
other, but are somehow mistaken
concerning some underlying material or
fundamental facts.
Mutual
Mistake: the parties
misunderstand each other and are at
cross purposes. For example; the seller
has 2 identical lots for sale and the
buyer believes that his buying the south
shore property and the seller thinks the
buyer is buying north shore one.
Unilateral Mistake: one party
is mistaken and the other party knows of
this mistake concerning the fundamental
aspect of a contract. For example, the
buyer believes that the property being
purchased is 3000 square feet and the
seller knows it to be only 2500 square
feet but still lets the proceed with the
purchased without disclosing the actual
size
Looking to Buy or Sell Luxury
Real Estate In Toronto, North York, Thornhill,
Woodbridge, Vaughan, Richmond Hill, Aurora, King
City and beyond...visit LuxuryBroker.ca
Mortgages247.ca 2011 Apply Online without Blackouts Mortgages247.ca is designed to provide competent and
reliable information regarding the subject matter covered. However it is
provided, free of charge, with the understanding that the authors are not
engaged in rendering legal, financial or other professional advice. Law and
practice often vary from province and province and if legal or other expert
assistance is required, the services of a professional should be sought. The
authors specifically disclaim any liability that is incurred from the use or
application of the contents of this website.
