Guide to SELLING Your Home

      The Agreement of Purchase and Sale

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

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