The Agreement of Purchase and Sale in Layperson’s Terms

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By Winnie J Luk

The agreement of purchase and sale, an eight-page document with 28 sections, can be complex and difficult to understand.
The Toronto Real Estate Board has published a version that is annotated in red in plain language for homes and condos for ease of reader understanding.
This layman’s version of the agreement of purchase and sale provides explanations of each provision, paragraph or section of the form and is meant only to be a general overview. The layman’s version helps to ensure that all questions and ambiguities associated with the document have been addressed before the form is signed by both parties. The layman’s version enables the seller to become familiar with the language and provisions of the agreement of purchase and sale and prepare for the day when a genuine offer is presented to them. The layman’s version of the agreement of purchase and sale may be accessed in the following link for homes and condos .

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Disclaimer: This article does not contain legal advice and only provides general information. It is not intended to replace advice from a qualified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this article before making decisions. Use of this article does not establish a lawyer-client relationship.

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Winnie J Luk, BA, JD, MBA, founder of Landmark Law, is a seasoned Ontario lawyer practicing in Wills and Estates, Real Estate, and Business Law and frequent speaker of free legal education seminar.