AZ REAL ESTATE
Real Estate ContractsEvery Document Explained
Arthur Zhao · AZ Real Estate Partners
KEY TAKEAWAY
APS · BRA · Schedule A · Listing Agreement ↓
Ontario · Real Estate Law
1
Real Estate ContractsEvery Document Explained
APS · BRA · Schedule A · Listing Agreement ↓
Buying or selling a home in Ontario involves multiple legally binding documents. Understanding what you’re signing — before you sign — is one of the most important things you can do to protect yourself. Here’s every major contract you’ll encounter in a typical Ontario real estate transaction.
📋 5 Key Contracts
1
Buyer Representation Agreement (BRA)
OREA Form 300 — between buyer and brokerage
OREA Form 300 — between buyer and brokerage
The BRA is the formal agency agreement between you and the brokerage. Once signed, the brokerage owes you legal duties of loyalty, confidentiality, and full disclosure. Key terms to review: duration (typically 3–6 months), geographic scope, and commission arrangements. You can terminate early using OREA Form 301 if needed.
2
Agreement of Purchase and Sale (APS)
OREA Form 100 — the most critical document
OREA Form 100 — the most critical document
The APS is the legally binding contract between buyer and seller. It specifies price, closing date, deposit amount, included fixtures/chattels, and any conditions. Once both parties sign, it’s enforceable. A typical deposit is 5% of the purchase price, held in trust. Read every clause before signing — ask your agent to explain anything unclear.
3
Schedule A (Additional Clauses)
APS attachment — often more important than the form itself
APS attachment — often more important than the form itself
The APS form is a standardized template. All the deal-specific terms live in Schedule A: the exact financing condition (amount, rate, amortization), home inspection terms, seller repair requirements, chattels list, and any special provisions. Never skim Schedule A — this is where the deals are won and lost.
4
Listing Agreement
OREA Form 200 — between seller and brokerage
OREA Form 200 — between seller and brokerage
When selling, you sign a Listing Agreement authorizing the brokerage to market your property. It specifies the listing price, term, and commission. Terminating early may still trigger commission obligations if a buyer was introduced during the term. Sellers should read the “holdover clause” carefully — typically 60–90 days.
5
Standard Form of Lease
Ontario government-mandated rental contract
Ontario government-mandated rental contract
All Ontario residential tenancy agreements must use the province’s Standard Form of Lease (introduced 2018). Landlords must provide this form within 21 days of a tenant’s written request — failure to do so lets tenants withhold one month’s rent. Covers rent, deposits (first + last month only), maintenance responsibilities, and rules.
💡 Arthur’s Rule
Every contract is a legal document. Never sign anything you don’t understand — ask your agent or lawyer to explain each clause before you commit. Your signature carries real financial and legal weight in Ontario.
AZ
Arthur Zhao
Broker · FRI · ABR · SRS · MCNE · E-PRO | AZ Real Estate Partners
📞 416-888-6161 ｜ arthurzhao.realtor
#RealEstateContracts
#APS
#OntarioRealEstate
#OREA
#ArthurZhao
#AZRealEstate
#APS
#OntarioRealEstate
#OREA
#ArthurZhao
#AZRealEstate
Discover more from GTA Real Estate Broker | Arthur Zhao
Subscribe to get the latest posts sent to your email.
