Under a typical standard contract:
ERRORS AND MISDESCRIPTIONS
If the Buyer establishes an error or misdescription of the Property in the Contract, he/she is entitled to compensation on completion for the error or misdescription after making a written claim for compensation before completion (and the price will be reduced accordingly).
If the claim exceeds 5% of the Price, the Seller is entitled within 14 days of receiving the claim to rescind the Contract and a remedy clause will apply. The clause Non Compliance with Requisitions, does not apply to any claim for compensation pursuant to the Clause.
The land is transferred subject to the provisions, conditions, covenants and reservations in it. Title to the land must be transferred free from all mortgages, encumbrances, leases, liens, charges, notices, orders, caveats, writs and other interests (“Affecting Interests”) except as otherwise provided in the Contract. The seller may give the Buyer any documents or registration fees necessary to remove any Affecting Interests on Completion.
The Buyer waives any objection or requisition on title which the Buyer has not made and delivered to the Seller within a specified number of days from the latest of the following dates:
the date of the Contract
the date on which the Seller furnishes particulars of title pursuant to the relevant clause.
if the Finance Clause has been annexed, the date for approval in it (or other date agreed in writing by the parties), or the date that the Buyer waives the benefit of the Clause.
The
Buyer must tender to the Seller a transfer of the Land in the form
prescribed by the relevant legislation within a specified number of
days from the Starting Date or if the Buyer has not then received
satisfactory replies to requisitions on title, within a specified
number of days of receipt of those replies.