Document background
The Offer of Purchase and Sale is a fundamental document in Canadian real estate transactions, serving as both an initial offer and, upon acceptance, the binding agreement between parties. It is used in both residential and commercial property transactions across all Canadian provinces and territories, though specific requirements may vary by jurisdiction. This document typically includes comprehensive details about the property, purchase price, deposit structure, closing conditions, included fixtures and chattels, and any special conditions or warranties. The agreement must comply with provincial property law, the Statute of Frauds, and other relevant legislation. It forms the basis for the work of lawyers, real estate professionals, and other stakeholders in completing the property transfer. The document can be customized to address specific requirements of different property types, from single-family homes to commercial complexes, and may include various schedules and appendices providing additional details or addressing specific aspects of the transaction.
