Humber/Ontario Real Estate Course 2 Exam Practice

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When drafting an agreement of purchase and sale, who assumes risk if HST is involved?

  1. The seller.

  2. The buyer's lawyer.

  3. The buyer’s agent.

  4. Shared between buyer and seller.

  5. The seller’s agent.

  6. The listing brokerage.

The correct answer is: The seller.

When drafting an agreement of purchase and sale in a situation where HST (Harmonized Sales Tax) is involved, typically the seller assumes the risk. This is because the seller is responsible for ensuring that the HST obligations are met, and the onus is on them to collect and remit any applicable HST to the government. The buyer's lawyer, buyer’s agent, listing brokerage, and seller’s agent do not usually assume the risk related to HST in the agreement, making option A the correct answer.

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