Terms of an Agreement of Purchase and Sale

26 April 2017
Comments 0
26 April 2017, Comments 0

It is imperative that any representation or warranty about a property must be put in the Purchase and Sale agreement. By virtue of the statute of Fraud any dealing in real property must be in writing.

If you look specifically at section 26 of OREA Form 100 it specifically states that “This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There are no representations, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein.

For purpose of this Agreement, Seller means Vendor and Buyer means purchaser.” So make sure or have your lawyer make sure it is in the agreement as you intend.

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