Ontario Barrister and Solicitor Practice Exam

What advice should a lawyer give to manage client expectations regarding an offer to extend a real estate closing?

1. Accept any extension without conditions

2. Refuse all extensions

3. Counter offer with realistic timelines and a responsibility for costs

4. Advise the client to seek a new buyer

The correct answer is: Counter offer with realistic timelines and a responsibility for costs

A Accepting any extension without conditions may not be in the best interest of the client, as it may result in the client having to bear additional costs or delays in the real estate closing process. B: Refusing all extensions may not be a realistic or practical option, as it may result in the client losing the opportunity to close the deal. D: Advising the client to seek a new buyer may not be necessary or feasible, as it may cause unnecessary stress and inconvenience for both the client and the lawyer. Additionally, it may not guarantee a better outcome for the client in terms of managing expectations for the closing process. C: Counter offering with realistic timelines and a responsibility for costs is the best option because it allows the lawyer to negotiate on behalf of the client and come to a mutually agreeable solution with the other party. This approach also shows that the lawyer is actively working to manage