Agreement of Purchase and Sale

What Does “Duty of Honesty” Mean In An Agreement of Purchase and Sale?

In an earlier article I discussed the duty of good faith in the formation and performance of resale residential agreements of purchase and sale with particular focus on a buyer relying on his conditions to terminate an agreement. Typical conditions include the buyer arranging financing and/or insurance, and performing a home inspection, all of which…

How Rented vs leased fixtures can affect your home purchase

When preparing a listing agreement or an Agreement of Purchase and Sale a real estate agent must ensure that rental items (for instance, a hot water tank and heater, water softener, furnace or air-conditioner) are in fact true rentals and not the subject matter of a lease or other agreement which includes an obligation, as…

HST Rebate For New Homes

HST REBATE  – New Home/Condominium purchased from Builders (not resales and not commercial properties) It is always important to review and understand your Agreement of Purchase and Sale. Unless it otherwise provides, if you entered into an Agreement of Purchase and Sale after June 18, 2009, and which in fact closes on or after July 1, 2010,…

Can you Evict your Tenant When Selling your Property?

Signature on a notice of termination when evicting a tenant.

I am often asked by sellers of their principal residences and investment properties if they can evict their tenants and provide vacant possession of the property to the buyer. Section 49 of the Residential Tenancies Act permits a landlord/seller, in certain circumstances, who has entered into an Agreement of Purchase and Sale to, on behalf…

Common Pitfalls of Flipping New Condominium Home Agreement Assignments

realtor and sellers looking over a new home agreement assignments during a condo flip.

In my earlier blog, I discussed the importance of determining whether you need your builder’s consent to assign/flip your agreement of purchase and sale. Usually you do. Once you have resolved that issue, you will enter into an agreement of purchase and sale with your purchaser regarding the flip. In that flip agreement, your purchaser…

Consider This When Flipping Your New Condo in Toronto

cartoon of realtor flipping a condo in a pan.

When I am asked by a client if they can flip their new condominium/new home agreement of purchase and sale, I always respond that the first place to start is the agreement of purchase and sale itself. Unless the agreement of purchase and sale prohibits flips, then the purchaser is free to flip their agreement…

The importance of a lawyer’s review of an Agreement of Purchase & Sale

group of real estate lawyers going through an agreement of purchase and sale with a buyer or seller.

An Agreement of Purchase and Sale, once signed, and once all of the conditions (for example, financing and home inspection) have been waived or fulfilled is a binding contract between the buyer and seller which cannot be changed unless both parties agree to do so. Usually, if one party wants a change to the Agreement,…