Hey everyone, Jonathan Lee real estate sales representative based out of Toronto, it's February 2021, the weather outside is freezing but the real estate market in the greater Toronto area is actually steaming, so today we're going to go through one of the most important documents that you're going to sign as either a buyer or a seller: the agreement of purchase and sale. This is a standard form produced by Ontario Real Estate Association. Today we're going to go through form 100, which is a standard form for freehold properties or basically properties where you're buying all the land that the house sits on, but there are slight variations to this agreement of purchasing sales such as for condominiums. We're not going to go through every detail of all these documents, we're going to go through the main points and all these main points apply to any type of real estate that you're going to buy. So let's get into it. This document is the meat that's going to form your offer sandwich; while in any offer situation, you're going to sign some additional paperwork. Without this piece of paper, there is no offer. Now the most important thing that you need to understand about this document is that it is a contract. It is signed under seal, and you are bound by contract law in Canada. Your realtor who is facilitating the signing of these documents is actually the witness to the transaction that is taking place: whether you're a buyer or a seller. And you are required to execute as per the contract. If you don't, well, the best case scenario is that the contract becomes null and void. Perhaps there are some clauses protecting you as either a buyer or a seller towards that. The worst case scenario...
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About Agreement Of Purchase And Sale Ontario
Agreement of Purchase and Sale is a legally binding contract between a buyer and a seller for the purchase/sale of a property in Ontario. This document outlines the terms and conditions of the transaction, including the purchase price, deposit, conditions, closing date, and other critical information. Anyone buying or selling a property in Ontario needs an Agreement of Purchase and Sale. The buyer typically needs to present this document to their mortgage lender and provide proof of the agreement to obtain financing. Real estate lawyers also require this agreement to represent both the buyer and the seller and complete the transaction legally.
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