What is a Contract of Purchase and Sale?
The contract of purchase and sale is an agreement that a buyer and a seller sign when going through a property sale transaction. This document outlines the terms and conditions the buyer and seller promise to abide by when the property is sold.
What should be included in a Contract of Purchase and Sale?
Some of the most important terms deal with the property purchase price, terms of payment, how the buyer will receive the property, what property features are included in the price, and title clearance. Since signing this agreement is a crucial step in purchasing/selling a property, a lawyer can be of great help in ensuring the agreement is properly drafted.
The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice. If you require specific advice regarding your own situation please contact me for consultation.