Information Every Vendor Should Know

      The Agreement of Purchase and Sale

The Agreement of Purchase and Sale is a contract between the Vendor and the Purchaser, in which the Purchaser offers to buy the property and the Vendor accepts the Purchaser's offer. The offer is presented to the Vendor by the listing agent, who may be accompanied by the selling agent, with the Vendor's approval.

Although the price is often the prime consideration, there are many other things to consider. Make sure the closing date is acceptable, and be sure that any conditions put in by the Purchaser have reasonable time frames for completion and don't tie up your home and keep it off the market for an unreasonable period of time.

The best way to avoid problems is to understand your contract. Especially the legal implications of such things as the inspection clause, the financing clause, vacant possession, Revenue Canada Non-Resident status, insurance and special condition clauses that may be contained in the offer. Although your Realtor should be able to fully explain all clauses to your satisfaction, if you have any doubt or just prefer the peace of mind of getting your lawyer's approval before signing, your Realtor will not object to making the Agreement conditional upon getting your lawyer's approval.

Return to: Information Every Vendor Should Know

Joe Anne has answers to a lot of your questions and more professional tips to make your real estate transaction more pleasurable. Call or e-mail Joe Anne or click on "Ask Your Own Questions." Joe Anne can send you information on any Property Listed For Sale on the Multiple Listing Service in the Ottawa area. If you would like her to help you locate a home, please fill out her Information Request Form. Surfing the Real Estate Board's web site or MLS.CA and found a house that you like but doesn't give you the civic address. Joe Anne can also help. Just fill out her Would like an address form, please ! Or perhaps you are considering selling your home in the near future, her can also offer you a Free No-Obligation Market Evaluation Form.