If you are planning to buy or sell a property in Ontario, Canada, you will likely come across the term “Agreement of Purchase and Sale.” This legal document outlines the terms and conditions of the transaction and serves as a binding agreement between the buyer and seller.
However, you may also encounter the term “blank Agreement of Purchase and Sale” or “blank APS.” This refers to a pre-printed form of the agreement that is commonly used in Ontario real estate transactions.
A blank Agreement of Purchase and Sale typically includes standard clauses and sections that are relevant to most transactions. These may include details about the purchase price, deposit, closing date, conditions of the sale, and any warranties or representations made by the seller.
While the form itself may seem straightforward, it is important to understand that it is a legally binding document. Any changes or additions made to the agreement need to be agreed upon by both parties and should be reviewed by a lawyer or other legal professional.
In general, it is recommended that buyers and sellers seek the assistance of a real estate agent or lawyer when completing an Agreement of Purchase and Sale. These professionals can provide guidance and ensure that the transaction is conducted in a fair and legal manner.
In addition to the standard clauses and sections, there may also be additional documents that need to be included with the agreement. For example, in Ontario, it is common for buyers to include a “Schedule `A`” with the agreement, which outlines any additional terms or conditions of the sale.
Ultimately, the goal of an Agreement of Purchase and Sale is to protect both parties involved in the transaction. By using a standard form like the blank APS, buyers and sellers can ensure that their interests are represented and that the transaction is completed in a timely and fair manner.