
Failure to Close: Deadlines in Agreements of Purchase and Sale
A recent decision of the Ontario Court of Appeal highlights the dangers in missing deadlines stipulated in Agreements of Purchase and Sale.[1] The Facts On January 10, 2014, Invecom Associates Limited (“Invecom”) entered into an Agreement of Purchase and Sale (the “Agreement”) with 2260693 Ontario Inc. and two other numbered companies (collectively the “Vendors”) to acquire three properties in Waterloo, Ontario. Invecom had provided a deposit of $400,000 to the vendors. The A