APS ContractPlain-Language Guide

Confirms the agreed purchase price and the deposit amount. Deposit is typically 5% of purchase price, due within 24 hours of acceptance into the listing brokerage’s trust account. It’s credited toward the purchase price at closing — not an extra cost. If the buyer defaults, the seller typically keeps the deposit. If the deal falls through for a valid condition, it’s fully returned.

Typically 60–90 days after offer acceptance, giving both parties time to arrange financing, legal work, and moving. Changing the closing date requires a written Amendment signed by both parties. Avoid choosing bank holidays as the closing date.

Fixtures (built-in items like kitchen cabinets, built-in appliances) are included by default. Chattels (moveable items like fridges, washers) must be specifically listed. List every item you want: fridge, dishwasher, washer/dryer, garage openers, window coverings, that chandelier you love. If it’s not in the contract, the seller can take it.

The two most common: financing condition and home inspection condition. During the condition period (typically 5–7 business days), if the condition cannot be satisfied, you can notify the seller in writing and exit with your deposit returned in full. Never waive a financing condition unless you have 100% certainty of mortgage approval and funds.

Clauses 5–8: Additional Key Terms

⑤ Survey — Seller typically provides an existing survey. Buyers can request a new one ($1,500–$2,500) to verify lot boundaries and detect encroachments.

⑥ Title Search — Your lawyer searches for unpaid mortgages, liens, or encumbrances. Issues found here can delay or cancel the closing.

⑦ Adjustments — Property taxes and utilities are prorated to the closing date. Your lawyer calculates these and adjusts the final payment accordingly.

⑧ Tender — Specifies when lawyers must tender (submit) closing documents, typically noon on closing day. In practice, registration usually happens mid-to-late afternoon.

💡 Arthur’s Rule