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

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