Proudly serving Northumberland residents

with competency, caring and compassion.

Phone

1 (905) 372-3395

Important Terms in the Offer or Agreement of Purchase and Sale

 

  • Purchaser or Buyer: The person or party who wants to buy the property.
  • Vendor or Seller: The person or party who wants to sell the property.
  • Real Property: Land and property attached to the land.
  • Address: The municipal or 911 address of the property.
  • Legal Description: The description used in the Land Registry Office to accurately identify the parcel of real property, as separate and distinct from any other parcel of real property. It is the way that the property is described in all documents in the Land Registry Office, such as in a deed/transfer of land or a mortgage/charge of land.
  • Purchase Price: In an ‘Offer to Purchase’ the price that has been ‘offered’ for the real property; or in an ‘Agreement of Purchase and Sale’ the price that the Buyer and Seller have agreed to.
  • Rental Items: such as a hot water tank or water softener which are rented and not owned by the Seller, must be listed here
  • Irrevocability: If you make an Offer to Purchase a property, you may not revoke or cancel your current offer until the irrevocability date.