When it comes to purchasing real estate in Ontario, it’s important to review the Agreement of Purchase and Sale (APS) carefully to ensure that all terms and conditions are properly understood and agreed upon. To help with this process, we have put together a step-by-step guide for reviewing a standard APS in Ontario.
Step 1: Review the Parties Check the APS to ensure that the names of the buyer(s) and seller(s) are correct and that they are properly identified. This includes confirming the legal names of any corporations or businesses involved.
Step 2: Review the Property Confirm that the property description in the APS matches the property you intend to purchase. Review any additional features or fixtures that are included in the sale and ensure that they are all properly listed.
Step 3: Review the Purchase Price and Deposit Check that the purchase price and deposit amounts listed in the APS are accurate and that you understand the payment schedule. If there are any conditions attached to the payment schedule, make sure you understand and agree to them.
Step 4: Review the Conditions Check the APS for any conditions that must be met before the sale can be completed. Make sure you understand the details of each condition and the timeline for meeting them.
Step 5: Review the Closing Date and Possession Date Check the APS to confirm the closing and possession dates for the property. Make sure you understand any obligations or responsibilities you have on these dates.
Step 6: Review Additional Terms and Conditions Read through the additional terms and conditions listed in the APS, including any warranties or representations made by the seller. Make sure you understand all of the terms and conditions and are comfortable with them.
Step 7: Seek Legal Advice It’s important to have a qualified Ontario real estate lawyer review the APS to ensure that all terms and conditions are properly understood and agreed upon. A lawyer can also provide guidance on any legal risks or issues that may arise during the transaction.
If you are in need of an Ontario real estate lawyer to review your APS, contact Falcon Law PC at 1-877-892-7778 or info@falconlawyers.ca. Our team of experienced lawyers serves all of Ontario and provides free consultations to discuss your legal needs.
