A legally binding contract between a buyer and a seller outlining the terms and conditions of a property sale.

A written change made to the original APS after it has been signed. Both parties must agree and sign the amendment for it to take effect.

A professional assessment of a property’s market value, typically required by lenders before approving a mortgage.

Short-term financing that helps you purchase a new home before selling your current one.

A variation of the buyer representation agreement where the brokerage assigns a specific agent to represent the buyer’s interests. That designated agent owes full fiduciary duties to the buyer, while the rest of the brokerage remains neutral. This form is increasingly used in Ontario under the updated TRESA (Trust in Real Estate Services Act) regulations.

A contract that formalizes the relationship between a buyer and a real estate agent, outlining the agent’s duties and the buyer’s commitments.

Additional expenses paid at the end of a transaction, such as land transfer tax, legal fees, title insurance, and more.

An offer to purchase a property that includes specific conditions (e.g., financing approval, home inspection).

An upfront amount paid by the buyer to show serious intent; held in trust and applied to the purchase price on closing.

The difference between the market value of your home and the amount you owe on your mortgage.

A listing agreement where a property is sold through one brokerage only, without being posted on the MLS®.

A thorough check of the property’s structure, systems, and condition, usually done before firming up a conditionally accepted offer.

Applies to the purchase of new homes in Ontario (not typically applied to resale homes).

A provincial tax paid by buyers when a property changes hands. First-time buyers may be eligible for rebates.

A contract between a seller and a brokerage that gives the brokerage the right to market and sell the home.

A system that real estate professionals use to list and access property listings across Ontario and Canada.

A lender’s written commitment to offer a buyer a loan up to a certain amount, subject to final approval.

A legal document used when both the buyer and seller agree to terminate the APS. It releases both parties from further obligations.

A document used to confirm that a condition in the APS (such as financing or inspection) has been satisfied. It formally removes the condition and makes the agreement firm.

A formal proposal to buy a property, including price and terms. Can be firm or conditional.

A set time where a listed home is open to the public for viewing without an appointment.

A home purchased before it’s built, often directly from a developer.

A tax paid annually by homeowners to the local municipality based on the property’s assessed value.

A document summarizing the financial and legal status of a condo unit and the corporation (important for condo buyers).

A document that outlines the property boundaries and structures, often requested by buyers or lenders.

Protects homeowners against potential issues with the property’s title (e.g., fraud, unknown liens).

A legal review of property records to confirm ownership and uncover issues that could affect the sale.

A legal form signed by the buyer or seller to give up a condition in the APS. Once signed, the condition is no longer required for the deal to proceed.

Municipal rules that determine how land can be used (e.g., residential, commercial, mixed-use).