HomesLawyer.com - Real Estate Legal Experts
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ZEIDMAN LAW OFFICES
200-215 Jardin Drive
Concord, ON L4K 1X5
Tel: (905) 669-7577
Fax: (905) 669-5525
e-mail: office@homeslawyer.com
Buyers' Legal Basics
Offer and Agreement
After you have found a home that you want to buy, you can make an official offer by completing an Agreement of Purchase and Sale (“APS”), a form that your real estate agent will help you complete. An APS details the description of the property, purchase price, deposit, things included in and excluded from the price, the closing date, and all other terms that affect the transaction. After your offer is submitted through your agent, the vendor may sign back your offer with changes that they want. After the APS is signed by all parties and all changes are initialed, you have a contract.
Conditions & A Firm Agreement
However, there may be terms in the contract that make the agreement conditional on certain events taking place first. For example, you make want to make your agreement conditional on you obtaining financing, on you obtaining and being satisfied with a home inspector’s report, or on you being able to sell your existing home. If the conditions are satisfied or waived, you will have a “firm” agreement, meaning that you are legally obligated to complete the deal even if you later become unhappy with its terms. Before you sign an offer, we can review it with you and your agent to suggest changes that can save you money and potential problems or misunderstandings later on.