Ontario Real Estate Association Standard Form of Agreement of Purchase and Sale

The majority of residential real estate transactions in Ontario are completed pursuant to the Ontario Real Estate Association (“OREA”) standard form of agreement of purchase and sale (the “Agreement”). The Agreement strives to balance the buyer and the seller’s rights and promotes consistency and certainty in residential real estate transactions. This article will provide a review of some of the key provisions found in the Agreement to allow the reader to understand the contract which underpins the majority of residential real estate transactions in Ontario. This article is not an exhaustive review of the Agreement’s contractual provisions. Should you require assistance in understanding your obligations in the purchase or sale of a residential real property, please do not hesitate to contact the Beganyi Professional Corporation, and we would be happy to assist you.

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