The OREA (Ontario Real Estate Association) Purchase and Sale Agreement is a standard form used in the province of Ontario, Canada, to facilitate the sale of real estate. It is a legally binding document that outlines the terms and conditions of the sale, including the price, closing date, and any contingencies that must be met before the sale can be completed. The OREA Purchase and Sale Agreement is typically used by real estate agents and lawyers to facilitate the sale of residential or commercial property. It is an important document that should be carefully reviewed and understood by both the buyer and the seller before it is signed.
- Property Details: Make sure the property being sold is accurately described in the agreement, including the address and legal description.
- Price: Confirm that the price agreed upon is correctly stated in the agreement.
- Closing date: Verify that the closing date is agreed upon and correctly stated in the agreement.
- Financing: If you are obtaining a mortgage to purchase the property, make sure the agreement includes a mortgage contingency clause.
- Contingencies: Review any contingencies listed in the agreement, such as the buyer obtaining a home inspection or the seller repairing certain items before closing.
- Personal property: Confirm that any personal property included in the sale is accurately described in the agreement.
- Condition of the property: Make sure the agreement accurately reflects the condition of the property at the time of sale.
- Title and ownership: Verify that the agreement accurately reflects the ownership of the property and any liens or encumbrances on the title.
- Representations and Warranties: Review any representations and warranties made by the seller in the agreement.
- Legal fees: Confirm who is responsible for paying legal fees associated with the sale.
It is important to carefully review the OREA Purchase and Sale Agreement before signing to ensure that it accurately reflects the terms of the sale and your understanding of the transaction. If you have any questions or concerns, it is advisable to seek legal counsel.