Offers & Acceptance
Agreement of Purchase and Sale
When a buyer has been found for your home, an Agreement of Purchase and Sale (“APS”) will be prepared by your agent. If you are selling privately, HomesLawyer.com can assist you in drafting the APS. The APS will detail the legal and municipal description of your home, the selling price, the amount of the deposit, any chattels (e.g. appliances, drapes, etc.) included, any fixtures (e.g. chandeliers, etc.) excluded, the closing date for the sale, and other important terms and conditions. It is common for an APS to go back and forth between sellers and potential buyers as they negotiate particular terms. After the APS is signed by all parties and all changes are initialed, you have a contract.
The APS is usually prepared on a standard form used by your local or provincial Real Estate Board. However, is it common for clauses to be written or typed into the form in addition to the standard ones. For example, buyers may wish to add a clause making the APS conditional for five days on them finding satisfactory financing or on them being satisfied with a home inspector’s report. Sample clauses are included in our Handy Forms & Links section. We recommend that you have HomesLawyer.com review your APS before you sign it, if possible.