Humber/Ontario Real Estate Course 2 Exam Practice

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Question: 1 / 50

What strategy should a buyer use when planning to convert an R1 zoned property into a triplex?

Insert the current zoning in the blank space provided for present use in the agreement of purchase and sale.

Include an appropriate condition to allow the buyer adequate time for a re-zoning application.

When a buyer is planning to convert an R1 zoned property into a triplex, it is crucial to include an appropriate condition in the agreement of purchase and sale that allows the buyer adequate time to apply for a re-zoning. This is the correct strategy because converting a property's use requires going through the re-zoning process with the municipality, which can be a complex and time-consuming procedure. By including a condition for re-zoning in the agreement, the buyer ensures that they have the necessary time and opportunity to obtain the required approvals before finalizing the purchase. Options A, C, D, and E do not provide the buyer with the necessary protection and time to navigate the re-zoning process effectively. Option F, while consulting a legal professional is always advisable, does not specifically address the need for a re-zoning condition in the agreement, making it not as directly applicable to the situation described in the question.

Insert the following words in the blank space provided for present use in the agreement: The present use cannot be lawfully continued.

Leave the space provided for present use blank and not include a re-zoning condition, as the buyer would readily obtain a re-zoning given the prevalence of other duplexes and triplexes in the area.

Apply for a building permit after the sale is complete.

Consult a legal professional to draft a clause to be included in the agreement of purchase and sale.

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