Agreement of Purchase and Sale(APS) in Ontario PPS Law
Your APS (OREA Form 100) is the most typical legally binding real estate document governing your real estate transaction. Usually prepared by either your realtor or your lawyer. The basic purpose is to avoid disputes and misunderstandings.
An APS is signed once the seller accepts the buyers offer. It is recommended that the buyer offers conditional offer as opposed to a firm offer to protect his best interest.
The most basic information in your APS include information about the buyer(s) and the seller(s), the property details and dimensions, purchase price, GST/HST, deposit information, chattels, fixtures, accessories or other apparatus included, excluded or subjected to assumption of rent, deadline for title search and requisition, the closing date, conditions (if any) etc.
Most common issues in a real estate transaction are issues relating to property disclosure by the seller, titles issues, financial arrangement issues, inspection issues, legal issues like zoning laws.
Conditions to be considered to be included in your APS to protect your best interest:
As a buyer, you can subject the closing to conditions such as survey condition, financing condition (subjected to securing appropriate financing), inspection condition (subject to a satisfactory professional inspection), insurance condition (subject to the buyer successfully securing a home insurance), sale of current home condition (used when a buyer is selling his current home), title search condition (subject to satisfactory property title free of encumbrance).
Buyers of ‘new freehold home’ (as defined in S.1 of the Ontario New Home Warranties Plan Act) have 10 days within which they may cancel in writing an agreement of purchase and sale without penalties.
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