Agreement of Purchase and Sale

Stairs by Tom Merton
Stairs by Tom Merton

Download the Form: Plain-Language-Agreement-of-Purchase-and-Sale.pdf


DISCLAIMER:

Forms are intended for general purpose and common situations only. Pre-set sections on Forms may not be readily understood due to their complexity.

Please note that the following does not constitute a comprehensive explanation of the definitions and ramifications of any part of any Form. This is a basic overview only and is not intended to take the place of the complete text and legal implications of any part of any Form.

It is absolutely essential to bear in mind that a Form does not apply to every situation, and great caution should be exercised due to this fact.

Professional advice is strongly recommended in order to guarantee full comprehension of all Forms. Relying solely on the outline provided here is not recommended.

Be advised that each Real Estate transaction is unique, and as such, the Toronto Real Estate Board is not responsible for, and cannot be held liable for, any agreements, misunderstandings, or misconceptions arising from the descriptions set out here.

Page 2

GENERAL USE: 

The Agreement of Purchase and Sale: This Form sets out the Buyer’s intention to negotiate the terms of sale and purchase the property. This is usually called an “Offer.” Any conditions that the Buyer wishes to impose upon the Offer (such as a home inspection, mortgage arrangements, or completion of the sale of his or her present residence) may be described here. Once the Buyer has set out and signed the Offer, the Seller may suggest alterations to the Buyer, who may accept them, reject them, or propose his or her own changes until a satisfactory agreement is reached.

This Agreement of Purchase and Sale dated this . . . . . . . . . day of . . . . . . . . . 20 . . . . . 
BUYER (Full legal names of all Buyers), . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., agrees to purchase from
SELLER (Full legal names of all Sellers), . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ., the following
REAL PROPERTY:
Address . . . . . . . . . . . . . . . . . . . fronting on the . . . . . . . . . . . . . . . . . . . side of . . . . . . . . . . . . . . . . . . . in the . . . . . . . . . . . . . . . . . . . and having a frontage of . . . . . . . . . . . . . . . . . . . more or less by a depth of . . . . . . . . . . . . . . . . . . . more or less and legally described as (Legal description of land including easements not described elsewhere) . . . . . . . . . . . . . . . . . . . (the “property”).
PURCHASE PRICE: Dollars (CDN$) . . . . . . . . . . . . . . . . . . . Dollars

DEPOSIT:

A deposit is included in the Offer by the Buyer as proof of good faith and is deducted from or counted towards the closing or final price of the property.

DEPOSIT: Buyer submits (Herewith/Upon Acceptance/as otherwise described in this Agreement) . . . . . . . . . . . . . . . . . . . Dollars (CDN$). . . . . . . . . . . . . . . . . . . by negotiable cheque payable to . . . . . . . . . . . . . . . . . . . “Deposit Holder” to be held in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit.
Buyer agrees to pay the balance as more particularly set out in Schedule A attached.

Page 3

SCHEDULE(S) A . . . . . . . . . . . . . . . . . . . attached here to form(s) part of tis Agreement.

1. IRREVOCABILITY:

This part of the document sets out the deadline imposed by one party in the Offer upon the other. The Offer is void and imposes no obligations upon any parties if it has not been accepted within the time stated here.

1. IRREVOCABILITY: This offer shall be irrevocable by (Seller/Buyer) . . . . . . . . . . . . . . . . . . . until . . . . . . . . . . . . . . . . . . . a.m./p.m. on the . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . 20 . . . . ., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest.

2. COMPLETION DATE:

The scheduled completion date for the transaction is set out here. Unless an alternative is explicitly state in the Agreement, the property must be vacant at this time. The Completion Date cannot be on either a statutory holiday or a weekend.

2. COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 20 . . . . . Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.

3. NOTICES: This part of the document describes the various ways in which notices necessary to the agreement may be given.

3. NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.

FAX No. (For delivery of Documents to Seller): . . . . . . . . . . . . . . . . . . .
FAX No. (For delivery of Documents to Buyer): . . . . . . . . . . . . . . . . . . .
Email Address (For delivery of Documents to Seller): . . . . . . . . . . . . . . . . . . .
Email Address (For delivery of Documents to Buyer): . . . . . . . . . . . . . . . . . . .

4. CHATTELS INCLUDED:

This part of the document allows space for the Buyer to list and describe all items (such as furniture or appliances) besides the property itself that he or she wishes to include in the transaction. Clarity and precision are required in order to avoid any mistakes. All items to be sold with the property must be approved by the Seller.

4. CHATTELS INCLUDED: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.

Page 4

5. FIXTURES EXCLUDED:

This part of the document describes those fixtures attached to the property (such as a specific chandelier or mirror) that both the Buyer and Seller wish to exclude from the agreement. As with chattels, precise, specific descriptions should be given of every fixture that the Seller wishes to retain.

5. FIXTURES EXCLUDED: . . . . . . . . . . . . . . . . . . .

6. RENTAL ITEMS:

This part of the document sets out absolutely every item on the property that is currently being rented by the Seller. Such items might include air conditioners, alarm systems, or hot water tanks and are excluded from the price of purchase.

6. RENTAL ITEMS: The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable: . . . . . . . . . . . . . . . . . . .

7. HST:

This part of the document describes whether or not HST will be included in the sales price if the property is subject to HST.

7. HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be (included in/in addition to). . . . . . . . . . . . . . . . . . . the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.

8. TITLE SEARCH:

This part of the document sets out the times needed by the Buyer’s lawyer to investigate such aspects of the property as outstanding work orders and the Buyer’s ability to obtain a good title.

8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 20 . . . . ., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding work orders or deficiency notices affecting the property, and that its present use(. . . . . . . . . . . . . . . . . . .) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.

9. FUTURE USE:

The Buyer must be aware that the property is only guaranteed for the use specified in the Agreement, and may not be appropriate for other purposes.

FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.

Page 5

10. TITLE:

The Buyer has the right to a good title, with the stipulation that it must be accepted along with any existing easements for services such as gas, electricity, water, telephone, television, et cetera. The Buyer must also abide by any restrictive covenants placed upon the title, so long as he or she is honoured by the other parties. Any zoning bylaws, utility service contracts, or municipal agreements must also be assumed by the Buyer.

10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telephone services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telephone lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property.

11. CLOSING ARRANGEMENTS:

The following describes how to close a transaction that that has been carried out electronically.

11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Upper Canada. Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office or such other location agreeable to both lawyers.

12. DOCUMENTS AND DISCHARGE:

This part of the document sets out the Seller’s obligation to provide the Buyer with any documents the Buyer requests related to the property, provided the documents are in the Seller’s possession. When a bank, credit union, or other financial institution holds a mortgage on the property, a discharge is generally unavailable for registration at closing. While the means for settling the above mortgage are set out here, a mortgage other than those described in this paragraph must be discharged on closing.

12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion.

Page 6

13. INSPECTION:

This part of the document alerts the Buyer to their right to personally inspect the property, although a professional inspection must be foregone unless otherwise stated within the Offer.

13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property.

14. INSURANCE:

This part of the document places responsibility for care of the property, and for maintaining any existing fire insurance, with the Seller until the sale is closed. In the event of a fire before closing, the Buyer may either refuse to buy the property or accept the insurance money along with the property in its current state.

14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/ Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion.

15. PLANNING ACT:

The Agreement must comply with the Planning Act statute.

15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion.

16. DOCUMENT PREPARATION:

The Buyer is responsible for the cost of preparing his or her mortgages and his or her Land Transfer Tax Affidavit, while the Seller is responsible for paying for and preparing a Deed for transfer.

16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990.

17. RESIDENCY:

This part of the document ensures that the Seller either is a Canadian resident or that has paid all taxes due under the non-residency provisions of the Income Tax Act.

17. RESIDENCY: Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate or a statutory declaration that Seller is not then a non-resident of Canada.

18. ADJUSTMENTS:

Charges such as utilities or property taxes that are applied to the property shall be adjusted on the day of the sale’s completion. At this time, responsibility passes from the Seller to the Buyer.

18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer.

19. PROPERTY ASSESSMENT:

Re-evaluation of the property may occur annually, and any changes that result are not the responsibility of Salespeople.

19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction.

Page 7

20. TIME LIMITS:

All deadlines stated in this Agreement must be met.

20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard.

21. TENDER:

To prove willingness and ability to close the transaction, the Seller is generally required to supply a Transfer or Deed and the necessary keys, while the seller provides money. Instructions for this stage of the process are set out below.

21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System.

22. FAMILY LAW ACT:

This part of the document states that only a spouse who has signed and consented to the contract may lay a claim on the property.

22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless Seller’s spouse has executed the consent hereinafter provided.

23. UFFI:

This part of the document is a warranty by the Seller that he or she has never known the property to possess any insulation containing ureaformaldehyde.

23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction.

24. LEGAL, ACCOUNTING, and ENVIRONMENTAL ADVICE:

The brokerage does not represent legal, environmental, or tax expertise. If there is a possibility of any of these factors influencing the transaction, then an independent expert opinion should be sought.

24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice.

25. CONSUMER REPORTS:

The Buyer is warned that he or she may be subject to both a credit and personal check.

25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction.

26. AGREEMENT IN WRITING:

The section of the document verifies that this is the only Agreement to have been made, and that it includes all relevant conditions, warranties, et cetera. If a conflict arises between an added provision and a pre-set part of this Form, then the provision takes precedence.

26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context.

27. TIME AND DATE:

The times and dates in this Agreement are accurate for the time zone in which the property is located.

27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.

28. SUCCESSORS AND ASSIGNS:

The heirs and executors of the parties to this Agreement are subject to its terms.

28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein.

Page 8

SIGNED, SEALED AND DELIVERED in the presence of:

IN WITNESS whereof I have hereunto set my hand and seal:

 
[Witness] . . . . . . . . . . [Buyer] . . . . . . . . . . (Seal) DATE . . . . . . . . . .
[Witness] . . . . . . . . . . [Buyer] . . . . . . . . . . (Seal) DATE . . . . . . . . . .

I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer.

SIGNED, SEALED AND DELIVERED in the presence of:

IN WITNESS whereof I have hereunto set my hand and seal:

 
[Witness] . . . . . . . . . . [Seller] . . . . . . . . . . (Seal) DATE . . . . . . . . . .
[Witness] . . . . . . . . . . [Seller] . . . . . . . . . . (Seal) DATE . . . . . . . . . .

SPOUSAL CONSENT: The Undersigned Spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees with the Buyer that he/she will execute all necessary or incidental documents to give full force and effect to the sale evidenced herein.

[Witness] . . . . . . . . . . . . . .  [Spouse] . . . . . . . . . . . . . . . (Seal) DATE . . . . . . . . . . . . . . .

CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed and written was finally accepted by all parties at . . . . . . . . . . a.m./p.m. this . . . . . . . . . . day of . . . . . . . . . ., 20 . . . . . (Signature of Seller or Buyer) . . . . . . . . . . . . . . . . . . .

INFORMATION ON BROKERAGE(S)

Listing Brokerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tel. No. (. . . .) . . . . . . . . . . . . . . .

Co-op/Buyer Brokerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tel. No. (. . . .) . . . . . . . . . .

ACKNOWLEDGEMENT

I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer.

I acknowledge receipt of my signed copy of this accepted Agreement of Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer.

[Seller] . . . . . . . . . DATE: . . . . . . . . .

[Buyer] . . . . . . . . . DATE: . . . . . . . . .

Address for Service . . . . . . . . . Tel.No. (. . . .) . . . . . . . . .

Address for Service . . . . . . . . . Tel.No. (. . . .) . . . . . . . . .

Seller's Lawyer . . . . . . . . .

Buyer's Lawyer . . . . . . . . .

Address . . . . . . . . . Tel.No. . . . FAX No. . . .

Address . . . . . . . . . Tel.No. . . . FAX No. . . .

FOR OFFICE USE ONLY: COMMISSION TRUST AGREEMENT

To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale: In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust.

Page 9

This Schedule is attached to and forms part of the Agreement of Purchase and Sale between:

BUYER, . . . . . . . . . . . . . . . . . ., and SELLER, . . . . . . . . . . . . . . . . . . for the purchase of . . . . . . . . . . . . . . . . . . dated the . . . . . . . . . day of . . . . . . . . . 20 . . . .

Buyer agrees to pay the balance as follows:

Leave a Reply

Your email address will not be published.

 Notify me of followup comments via e-mail.

You can click here to Subscribe without commenting