an informed home buyer s guide - cucochteam.com€¦ · real estate law, wills & estates law,...

An Informed

Home Buyer’s Guide

By Chris Cucoch

8 Steps to Finding the

Right Home

Deciding Where and What to Buy

Getting Pre-Approved for a Mortgage

Choosing the Right REALTOR®

Become an Educated Buyer

Making an Educated Offer

Conditions, Home Inspections and Waivers

Preparing to Move

Move in – Congratulations!

Sample Forms

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Apendix

Steps

647 268 9274 | [email protected] | www.cucochteam.com | Chris Cucoch. 2

Congratulations on taking this first step toward buying a home. Pride of home ownership is indeed

one of life’s greatest joys and biggest accomplishments. It is an exciting time and my hope is that

this guide will bring clarity and peace of mind during your home buying journey.

Let’s get started! The first step is deciding where you want to live, what type of home you are

looking for and what features are “must have’s” or “would be nice to have’s” in a home.

Invariably, there will be tradeoffs, but rest assured I am here to help sort through the options to

find you the best house, at the best price and with as many of your wants and needs as possible.

Deciding Where and

What to Buy

STEP

01

https://calendly.com/cucochteam


The Essentials

What type of home are you looking for? (Single family, semi-detached, condo, etc.)

______________________________________________________________________________

What style of home is best for you? (Bungalow, split level, two storey, duplex, etc.)

______________________________________________________________________________

What about the age of the home?

______________________________________________________________________________

How many bedrooms and bathrooms do you need?

______________________________________________________________________________

What are you looking for in a kitchen, family room? Do you want a separate dining room? What is

your preferred layout?

______________________________________________________________________________

Features

What are your high priority features? (Appliances, ensuite, fireplace, etc.)

______________________________________________________________________________

What other types of rooms do you need? (Main floor laundry room, home office, etc.)

______________________________________________________________________________

What about storage space?

______________________________________________________________________________

Basements, lockers?

______________________________________________________________________________

Do you need a garage or extra parking spaces?

______________________________________________________________________________

Is energy efficiency important? Newer windows or a high-efficiency furnace?

______________________________________________________________________________

Questions to Help

You Get Started


Questions Continued…

Location

How is your daily commute? How easy is it to get to the places you need to go?

______________________________________________________________________________

How close do you need to be to transit, shopping, schools, hospitals?

_____________________________________________________________________________

Are there any important location factors? (Backing on to parks, road traffic, etc.)

______________________________________________________________________________

Exterior

What size of yard are you looking for? Is the backyard important? Or is a side yard okay?

_____________________________________________________________________________

What about the front yard?

______________________________________________________________________________

What other landscaping features are important? (A fenced yard, play areas, pool, garden, etc.)

______________________________________________________________________________

Is it important what direction the house faces?

_____________________________________________________________________________

Goals

Who are you sharing this home with and what are their needs? (For example, pets might need a fenced yard or extended family needs a separate entrance.)

______________________________________________________________________________

_____________________________________________________________________________

How much do you want to invest beyond the purchase price of the home in terms of financial or sweat equity, if you can’t find all the features that you want?

______________________________________________________________________________

How long do you plan to live here? (This can impact the type of home, the location and how much you will spend.)

______________________________________________________________________________


The mortgage industry is a highly competitive field and it is important to understand that interest

rates can change at any time. Partnering with a mortgage advisor and/or financial institution to

help you find the right mortgage product at the best rate is key to your home buying process.

5 Easy Steps to Get You Pre-Approved For a Mortgage

1.Talk with a mortgage advisorIdeally someone who comes highly recommended. There are hundreds of options to choose from

when it comes to lenders. Independent mortgage brokers tend to offer the most options because

they do not just work with one bank. However, if you have a good relationship with your financial

institution, contact them or I’d be happy to recommend someone as well. See Meet the Team on

page 8-9 for mortgage broker recommendations.

2.Complete and submit your application with the mortgage advisor They will collect your financial and personal information in order to find out how much mortgage

you can carry.

3.Gather all the necessary documentsThe mortgage broker will give you a list of documents that the banks/lenders need to finalize the

mortgage.

4.Verification of your details They will do their checks and balances to make sure you are not getting in over your head.

5.Obtain a copy of your pre-approval This is a powerful negotiating tool, especially in a multiple offer situations. The seller of your

dream home will feel more confident that you are the right person.

Having Pre-Approval Documentation Can Offer Other Benefits:

• Saves you time by only looking at properties that you can afford.

• Rate guarantees and mortgage terms can save you money for years to come.

• Less stress throughout the process. You will know that you are ready and capable of buying.

• Get a better deal on the home that you want. Sellers like to know that buyers already have

financing in place.

Getting Pre-Approved

for a Mortgage

STEP

02



First, it’s important that you understand whose interests REALTORS® are legally bound to serve in

a real estate transaction.

Listing Agent

The Listing Agent is under contract with the seller to market and sell their property for the best

possible price. Working with a listing agent means that they can:

•Arrange a showing of the property.

•Assist with financing the property.

•Provide details about the property.

•Explain all the forms and agreements related to buying the property.

Buyer Agent or Your Personal REALTOR®

When you engage the services of your own personal agent—someone who is under contract to

work solely in your best interest—you get all of the same services listed above plus your personal

REALTOR® provides:

•Confidential assistance that addresses your needs first.

•Honest, loyal and diligent care, free from any conflicts of interest.

•Access to all listings including MLS, bank-owned properties, distress and estate sales, and

homes that were on the market where the seller might still be interested in selling.

•Expert advice on useful clauses such as home inspections and financing to protect you fully.

•Expert negotiation of the offer to purchase, to achieve the best possible price and terms.

•Expert advice on market value, inclusions, location, as well as help you decide when you should

walk away.

•Discovery and disclosure of all information about the property including liens, warranties,

disclosures, seller’s purchase price, and market and planning activity in the area.

As your Personal REALTOR®, my job is to ensure you are an educated buyer in all aspects of

your home buying process.

Choosing The Right

REALTOR®

STEP

03



Chris CucochSales Representative | Royal LePage Signature Realty

Chris has always loved it when a deal comes together. With over 12 years of sales experience he

still finds there is nothing quite like seeing the smile on a client’s face after helping them buy their

dream home. He has developed a complete system to generate the best possible results for his

clients

Chris is best known by his clients as a skilled negotiator who always puts their needs before all

else. He prides himself on educating his clients about the real estate market, helping his clients

realize the best possible price for their sale or purchase of a home in the least amount of time. To

this end he has created a YouTube channel and podcast in order to provide real estate and

community based information to everybody, absolutely free of charge.

Chris has resided in Mississauga for almost 10 years and is actively involved in their community.

He is a member of the Mississauga Board of Trade and participates in other committees from time

to time as the need arises.

Chris Cucoch Realty

Meet the Team!



Taufeeq RahimMortgage Advisor

I am driven to help clients make better choices about the

most expensive personal loan (their mortgage) they will

ever have. I enjoy educating people on finding ways to

help payoff their mortgage sooner, and thereby savings

thousands of dollars they would otherwise lose to

interest.

I prefer building long-term relationship with my clients, so

that they can really benefit from my services.

“Providing mortgage solutions that best fit your

lifestyle and goals!”

Gareth CahillMortgage Advisor

Gareth has been advising on Mortgages for over 18

years, saving his clients’ money & time. Having closed

over 1,200 mortgage transactions throughout his career,

Gareth has the experience and knowledge to give you all

the advice and education you need. I strongly

recommend a 15 minute call with Gareth and review all

your mortgage options, rates and the contract itself. Lean

on his experience, it could be the most valuable 15

minutes you ever spend.

“We make it happen, you make it home”

Jeffrey McInnesHome Inspector

Whether you are a home buyer, seller, or investor you

are in good hands. We offer a wide array of packages to

suit your needs and provide additional services including

Infrared scanning, air quality testing, septic inspections

and many more

“Being a family man myself, I understand the true

importance of having a safe home.”



Crys MastersonReal Estate Lawyer

Crys Masterson is a lawyer with Masterson Law - the

least "lawyer-y" lawyer you'll ever encounter. Equipped

with her yoga pants, home office, and clients-can-have-

my-cell-phone-number business model, Crys wins clients

over with her personable approach to law. She practices

real estate law, wills & estates law, and collaborative

family law.

.

Nathaniel BrettleReal Estate Lawyer

Nathaniel Brettle is a partner at Malo, Pilley, Lehman, a

West Toronto law office with over 65 years of service in

the area. Nathaniel practices residential and commercial

real estate law, as well as corporate, wills and estates.

He especially enjoys assisting clients with purchasing

and selling small businesses. Located at 1678 Bloor

West, his office is conveniently located by Keele subway

station and Parkside Drive.

Elise HarrisonStaging Consultant

My expertise is to recognize the highlights of your

property & emphasize it’s desired features at the lowest

cost possible. One does not need to spend thousands of

dollars to accomplish this.

What sets me apart from other stagers is my ‘Active

Staging’ technique - when I arrive at your house I will try

to leave each room staged. This way, you are not over-

whelmed with a long list that you must complete. You will

find this to be a great experience because you will

actually get to see the results of each room as we go

through your home.



The Chris Cucoch Home Buyer Service Program

Educated buyers are able to make informed decisions creating a stress free and enjoyable

home buying process. With that in mind, my exclusive Home Buyer Service Program will

empower you with key market information and every possible advantage to ensure you become

an educated buyer.

Here’s what you can expect from me when you enroll in my program:

•Absolutely no fees or costs to you as my buyer.

•Access to property listings based on a variety of search parameters, only available on the

REALTOR® MLS.

•Access to a database of expired listings that may reconsider selling.

•Proactive prospecting in your desired area to locate potential sellers with homes that

match your criteria. Homes that are not actively for sale on the market now but may be

considering selling.

•Access to For Sale By Owner homes that match your criteria.

•Up-to-the-minute access to the best deals on the market, including brand new MLS listings,

newly price reduced properties, current bank power of sales, new home options, private sales and

deals under contract that have fallen through.

•The most current real estate market information that may impact your buying decision, including

mortgage changes, statistical sales data on median house prices, sales and months of inventory,

local area market changes, trends and much more.

Become an

Educated Buyer

STEP

04



1. After our initial fact gathering meeting, I enter a detailed summary of your wants and needs for

a home into my database and a variety of property search programs. This information is

instantly shared with our entire team at Royal LePage Signature Realty, other agents and

potential sellers to begin the property match process.

2. I won’t bombard your email with information that is not relevant to you. I will provide daily

update emails on all the homes that are new to the market or have had a recent price change

which match a broadened scope of what you are looking for.

3. As market area specialists with a pulse on local and national real estate market trends and

changes, we also ensure you are kept informed of all relevant industry changes that may

impact your buying decision, including price trends and mortgage rates.

4. I personally inspect all the potential properties in the area and take in several listings

ourselves. This hot new listing information is passed on to my clients first.

5. You get all the information about every property – that, as a REALTOR®, only I have

access to.

6. When you find a home that peaks your interest, simply contact me and I will arrange a

convenient time to view.

Remember, when selecting what homes to view…

• Choose different styles and types of home that meet your needs.

• Drive by the home and area for your first impression.

• Select a maximum of 5 homes to visit in one day (3 to 4 is best).

• Schedule time after the showings to sit down and discuss the homes merits.

Education Process:Be InformedEvery Step of the Way



The ongoing communication and education you will receive from our team will empower you to get

the best possible deal on the home that you desire.

You’ve found the one. Fantastic! Here’s what happens next:

1.I will conduct a detailed CMA (Comprehensive Market Analysis) complete with comparable

active and expired listings, recent solds and historical data relevant to determining the market

value of the home. This will empower you to make an informed decision.

2.I will prepare an offer that protects you, follows your instructions and matches your schedule and

needs.

3.I will explain the details of the offer, the terms and suggest options for specialty clauses ensuring

you know exactly what you are agreeing to.

4.I will present and negotiate the offer on your behalf to get you the home that you want at the

price and terms you want.

What happens after this:

•The seller may accept your offer – congratulations!

•The seller may reject your offer – not common, but it can happen and I would endeavor

to find out why.

•The seller may counter sign – changing the terms of the offer and presenting the offer

back to you.

•Our negotiations continue until we reach agreeable terms between the seller and yourself, or

until I know an agreement cannot be reached and it is time to walk away.

Making an

Educated Offer

STEP

05



Negotiation FAQs:

1. How long will the negotiations take? This is perhaps the most shocking part of things for many people. Commonly, negotiations are wrapped

up within 24-48 hours. In other words, if we were to write an offer at noon, it would not be unusual to

receive a response (typically a counter offer) by the evening. If we didn’t get it to an acceptance that

evening, it wouldn’t be unusual to have an accepted offer by the next evening.

2. If the seller accepts my first offer, am I forced to buy? (and shouldn’t we

have then offered lower?) No (and no). Unless we are writing an offer without conditions (which is REALLY unusual and we’ll have

talked about this a lot beforehand in that case), you will have a period of time (typically 7-10 days) to

investigate whether or not this home will be acceptable to you. If you don’t like something you find out

about this home during that period of time, we will be able to walk away and the contract will collapse.

3. How low should we offer? This is a strategy question and the answer is that it depends on too many factors for there to only be

one answer. There are times when an offer at 5% off of list price is perfectly acceptable/appropriate.

Similarly, there are times when an offer above list price is appropriate. When we sit down to prepare an

offer, we will discuss this topic at length.

4. What if there are other offers? Will I know what they are offering? When an offer is received, the listing agent has a duty to have the offer presented “without delay.”

Furthermore, offers have an expiry clause – meaning that if the seller does not respond before a certain

time, the offer ceases to exist. Despite this, there are occasions when homes attract multiple offers.

We’ll talk through detailed strategy should this happen, but here are some basic things to know. When

you submit an offer knowing that there is another offer, you will likely only get one chance to offer. In

other words, it is rare to see counter offers made at this point – it is assumed that buyers are offering

their best terms and the seller will typically just choose an offer. In order to make your offer as

competitive as possible, we will want to ensure that we have as few conditions as are necessary to

properly protect you, we are offering as high a price as you are comfortable with and we are offering the

completion/possession dates that most closely match what the seller is looking for. From this

perspective, the experience of multiple offers is very similar to making blind bids at an auction. The

terms of an offer are almost always confidential until conditions are removed. The seller will typically not

disclose the price they have accepted (for fear that it will jeopardize future negotiations should this offer

collapse).

5. How many counter offers can we make? As many as you’d like! However, our experience has proven that once we get past 3 counter offers from

either side (i.e. 5 - 6 total counter offers), our chances of reaching mutually acceptable terms start to

diminish. Remember, the goal of a negotiation is to find mutually acceptable terms. Our goal is to find

the bottom end of their acceptable price range and we will never do so if they feel like we are trying to

take advantage of them.



When buying a home there are certain documents and information that is common across all types of

property be it a single family home, condo or townhouse.

Title This document is registered at the land title office at the time of completion and it is proof of ownership.

Charges to the title such as mortgages, easements, covenants, etc. will show up on this document.

Property Disclosure Statement The seller fills out this document at the time they list the property for sale. The form is a representation of the

condition of the home to the seller’s knowledge.

Grow-op This is a property that has been used for the growth or manufacture of illegal substances. There can be

many issues that cannot be seen with the naked eye in a home that has been used as a grow-up, such as

moisture, electrical, and ongoing criminal activity. Sellers have a legal obligation to disclose if they are aware

of any such history. Nevertheless, our due diligence process will involve verifying these facts.

Fixtures These are items that are affixed to the wall/ceiling that should be included with purchase. These are usually

items that have been screwed in (ie chandelier).

Chattels Are items that are easily removed and will be taken from the home by the seller – pictures on the wall,

furniture, etc.

Condition of The HomeThe condition of the home at the time of purchase should be in the same condition as when the buyer last

viewed the home. The challenge some of our clients have experienced is that their opinion of condition and

the sellers has been different. Rest assured that if this becomes a problem, we will work with you and the

seller to get a resolution.

Completion Completion is the day that the money and title of the property exchanges hands, this is handled by the

lawyers. A few days before completion you will need to go to your lawyer’s office to review and sign the

documents. On the completion day itself, our office will call you once we receive confirmation of completion.

Possession Possession is the day you get physical possession of the property. This typically happens on the day of

completion. On occasion, the seller will allow keys to be released earlier than indicated in the contract.

Rest assured, we will do our best to make this happen for you. However, for the purposes of planning

your move count on the keys to be available at the time and day indicated on page 1 of the agreement of

purchase and sale.

Glossary:



The offer has been accepted. Now we need to satisfy the conditions.

This usually involves performing a home inspection, getting the rest of your personal information and

the property information to your mortgage broker or bank and arranging for the other information that

might be necessary, like surveys, water tests and condominium documents. I will help you make the

necessary arrangements to ensure that the entire process runs smoothly before the deadline.

Next, you will need to add some people to your team.

Finding a Home Inspector

Home inspections allow you to scrutinize the details of the home and save you from some

unpleasant surprises. See Meet the Team on page 8-9 for a list of recommended professionals, but

keep in mind when making your decision….

•Ensure that the home inspector is a qualified professional.

•Ensure the home inspector checks for visible issues with plumbing, electrical systems, the roof,

insulation, walls, ceilings, floors and windows, and the condition of the foundation. They can also

check that included chattels, like furnaces and air conditioners, are working.

•Ensure your home inspector gives you an up close and personal look at your new home. It takes

about 3 hours to go through all the systems, and if there are any problems, you will see them with

your own eyes. They will also give you maintenance tips and easy fix-ups, if necessary.

•Ensure that in the end, you receive a detailed report that summarizes the condition of

your home.

Conditions, Home

Inspections and Waivers

STEP

06



Your lawyer is an invaluable member of your team whose job is to ensure that you get what you

are paying for and in accordance with the terms of your agreement of purchase.

Your lawyer will ensure:

•there is nothing on title that is not supposed to be there.

•the property taxes, utilities and condo fees, if applicable, are up to date.

•you have all the information that you need about your new home.

•your mortgage lender is satisfied and that your mortgage is secured on property title as required

by your mortgage agreement.

•you know exactly how much money you will need in order complete the transaction.

•they also ensure that the seller gets paid the purchase price.

•title is legally transferred

See Meet the Team on page 8-9 for lawyer recommendations.

Choosing a Lawyer



Typically you will have anywhere from 30 to 90 days to get everything ready for your home. It could

be shorter or longer, depending on what you need and have agreed upon with the seller. The

closing date is usually the same as your move-in date. It is a good idea to get things organized well

in advance of the closing date to reduce the stress of the move.

Lawyers: I will send your lawyer the information about your purchase. You will need to provide

the lawyer with some additional information: insurance, down payment information, fee payments,

adjustment payments and possibly other signed documents that they ask you for. You will meet with

the lawyer about a week before the closing to finalize everything.

Down Payment and Closing Costs: Make the necessary arrangements to have the funds

available when the lawyer asks for it. Liquidating some assets can require additional time.

Movers: Whether you are using professional movers, renting a truck or getting a bunch of friends

together, plan and organize it early.

Insurance: The lawyers will need a copy of your home insurance before closing so that the

financial institution will release the money to them. Call your insurance broker with the listing

information. They may want to know the age of the house, condition of the roof, furnace, electrical

system, as well as other general information.

Change of Address: It’s time to start giving out your new address to everyone.

Utilities: It is important that you call the local utilities to get their services changed into your

name. These include phone, internet, television, gas, electricity, water, and any rental agreements.

Remember too, to cancel the services at your old address.

Preparing to MoveSTEP

07




Move in

Congratulations!

STEP

08As your personal REALTOR®, we know our role doesn’t end just because we’ve handed you the keys.

You can call on us any time. Whether it’s:

•Recommendations on contractors or other professional services to hire

•Any issues with your home after moving in

•Questions for the listing agent or previous owner

•Evaluation of your home value over time

•Questions about the local real estate market

•Advice on purchasing an investment property

•Referrals to friends and family

•When you’re thinking about selling

•Or any other real estate related matter you need

As always, our advice is fast, free and confidential.

We’re here for you, through your move to date and beyond.



A Few Words

From our Buyers

Great experience as a first time home buyer!

“Chris was very professional and friendly and seemed very

enthusiastic about helping us find the right home which put

us at ease. Chris was super knowledgeable and informative

about the search process, the offer process and the closing

process. Purchasing our first home was a very easy and

stress free process from start to finish.”

Errol Ramani & Hanife Oruglica

Expert negotiation led to a great deal!

“We are very happy with our new home and Chris helped make this

possible. He helped us narrow down options based on our search

criteria, and negotiated effectively once the offer was made. He is

extremely professional, very enthusiastic and really easy to work

with.”

Arun Subramanian & Bhavani Ganapathi

Chris kept me informed all the way!

“Chris was amazing to work with! He was knowledgeable about the

neighbourhoods we were interested in and helped us find a home

perfect for our family. He even negotiated a great price. Thanks for

everything!”

Raquel & Raynaldo Frianeza

Such a beautiful house!

“What a wonderful experience. Chris made the whole home shopping

experience fun for us, a huge difference from the stress we felt when

buying our last home. He was easy to talk to and helped us find a

home that we LOVE.”

Yen Tang and Andre Stolowski



Funds to cover your down payment and closing costs will most likely have to be in the form of a

bank draft or wire transfer to your lawyer’s trust account. Your lawyer will detail the exact amounts

required for:

• Balance of down payment after initial deposit with offer.

• Mortgage loan administration and/or appraisal fees, if applicable.

• Points, or loan discount fees, you pay to receive a lower interest rate, if applicable.

• Credit report fees.

• Mortgage insurance premiums if applicable (CMHC).

• Land transfer tax and title registration fees.

• Title insurance policy premiums.

• Survey expense if applicable.

• Legal fees and associate disbursements (couriers, copies etc.).

• Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes.

Common Closing costs

For Buyers



*These forms and explanations are included for information purposes only and are not intended to

be take as legal advice.

APENDIXSample Forms

EDUCA

TIONAL

USE O

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Form 300 Revised 2019 Page 2 of 5

The trademarks REALTOR®, REALTORS®, MLS®, Multiple Listing Services® and associated logos are owned or controlled byThe Canadian Real Estate Association (CREA) and identify the real estate professionals who are members of CREA and thequality of services they provide. Used under license.

© 2019, Ontario Real Estate Association (“OREA”). All rights reserved. This form was developed by OREA for the use and reproduction by its members and licensees only. Any other use or reproduction is prohibited except with prior written consent of OREA. Do not alter when printing or reproducing the standard pre-set portion. OREA bears no liability for your use of this form.

GENERAL USE: This Form is a contract between a Buyer and a real estate company that gives the real estate company permission to act on the Buyer’s behalf in the purchase of a property. Assuming the Buyer is a Client of the real estate company, the Real Estate Council of Ontario (Ontario’s governing body) REBBA Code of Ethics requires that Salespeople have a written Buyer Representation Agreement presented for signature prior to an offer being presented on behalf of the Buyer.

TOP SECTION OF THE AGREEMENT: The section at the top identifies the parties involved in the Agreement and sets the time frame for which the contract is valid. The REBBA Code of Ethics requires the Buyer’s initials on this Form if the Agreement is to extend beyond six months.

This is an Exclusive Buyer Representation Agreement Authority for Purchase or LeaseBETWEEN:BROKERAGE: ....................................................................................................................................................................... (the “Brokerage”),

ADDRESS: ......................................................................................................................................................................................................

........................................................................................................ Tel. No. ......................................... Fax. No. ..........................................ANDBUYER: ......................................................................................................................................................................................, (the “Buyer”),

ADDRESS: ...................................................................................................................................................................................................... Street Number Street NameMUNICIPALITY: ............................................................................................................ POSTAL CODE: ........................................................

The Buyer hereby gives the Brokerage the exclusive and irrevocable authority to act as the Buyer’s agent

commencing at ................................ on the ........................... day of ..................................................................................... , 20...................., (a.m./p.m.)

and expiring at 11:59 p.m. on the .......................... day of ......................................................................................, 20...................(Expiry Date),

Buyer acknowledges that the time period for this Agreement is negotiable between the Buyer and the Brokerage, however, in accordance with the Real Estate and Business Brokers Act, 2002, (REBBA) if the time period for this Agreement exceeds six months, the Brokerage must obtain the Buyer’s initials.

for the purpose of locating a real property meeting the following general description:

Property Type (Use): ..........................................................................................................................................................................................

.......................................................................................................................................................................................................................

This next section is the area which the Buyer and the Brokerage agree that the Buyer is interested in buying or leasing a property.

Geographic Location: ........................................................................................................................................................................................

.......................................................................................................................................................................................................................

The Buyer is warranting that the Buyer has not entered into any buyer representation agreement with another brokerage.The Buyer hereby warrants that the Buyer is not a party to a buyer representation agreement with any other registered real estate brokerage for the purchase or lease of a real property of the general description indicated above.

1. DEFINITIONS AND INTERPRETATIONS: This section of the form defines the terms that follow in the document, including Seller, Buyer, purchase, etc.

1. DEFINITIONS AND INTERPRETATIONS: For the purposes of this Agreement (“Authority” or “Agreement”): “Buyer” includes purchaser, tenant and lessee, a “seller” includes a vendor, landlord and lessor or a prospective seller, vendor, landlord and lessor

and a “real estate board” includes a real estate association. A purchase shall be deemed to include the entering into of any agreement to exchange, or the obtaining of an option to purchase which is subsequently exercised, and a lease includes any rental agreement, sub-lease or renewal of a lease. Commission shall be deemed to include other remuneration. This Agreement shall be read with all changes of gender or number required by the context. For purposes of this Agreement, Buyer shall be deemed to include any spouse, heirs, executors, administrators, successors, assigns, related corporations and affiliated corporations. Related corporations or affiliated corporations shall include any corporation where one half or a majority of the shareholders, directors or officers of the related or affiliated corporation are the same person(s) as the shareholders, directors, or officers of the corporation introduced to or shown the property.

Buyer Representation AgreementAuthority for Purchase or Lease

Form 300for use in the Province of Ontario

{ {

INITIALS OF BROKERAGE: INITIALS OF BUYER(S):

(Buyer’s Initials)

(Buyer’s Initials)

EDUCA

TIONAL

USE O

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2. COMMISSION: This section of the Agreement sets the structure for the commission to be paid to the real estate company. It states that the Buyer agrees to pay a commission to the real estate company the detail of which is set out in this section. The real estate company is entitled to commission when the Buyer enters into an agreement to buy or lease property. The Buyer agrees the commission may come from a listing brokerage or by the seller. If it turns out that there isn’t enough the Buyer will make up the difference.

2. COMMISSION: In consideration of the Brokerage undertaking to assist the Buyer, the Buyer agrees to pay commission to the Brokerage as follows: If, during the currency of this Agreement, the Buyer enters into an agreement to purchase or lease a real property of the general description indicated above, the Buyer agrees the Brokerage is entitled to receive and retain any commission offered by a listing brokerage or by the seller. The Buyer understands that the amount of commission offered by a listing brokerage or by the seller may be greater or less than the commission stated below. The Buyer understands that the Brokerage will inform the Buyer of the amount of commission to be paid to the Brokerage by the listing brokerage or the seller at the earliest practical opportunity. The Buyer acknowledges that the payment of any commission by the listing brokerage or the seller will not make the Brokerage either the agent or sub-agent of the listing brokerage or the seller.If, during the currency of this Agreement, the Buyer enters into an agreement to purchase any property of the general description indicated above,

the Buyer agrees that the Brokerage is entitled to be paid a commission of ................................................... % of the sale price of the property

or ...........................................................................................................................................................................................................

or for a lease, a commission of ...................................................................................................................................................................

The Buyer agrees to pay directly to the Brokerage any deficiency between this amount and the amount, if any, to be paid to the Brokerage by a listing brokerage or by the seller. The Buyer understands that if the Brokerage is not to be paid any commission by a listing brokerage or by the seller, the Buyer will pay the Brokerage the full amount of commission indicated above.

The Buyer agrees to pay the Brokerage such commission if the Buyer enters into an agreement within ................................ days after the expiration of this Agreement (Holdover Period) to purchase or lease any real property shown or introduced to the Buyer from any source whatsoever during the term of this Agreement, provided, however, that if the Buyer enters into a new buyer representation agreement with another registered real estate brokerage after the expiration of this Agreement, the Buyer’s liability to pay commission to the Brokerage shall be reduced by the amount paid to the other brokerage under the new agreement.

The Buyer agrees to pay such commission as described above even if a transaction contemplated by an agreement to purchase or lease agreed to or accepted by the Buyer or anyone on the Buyer’s behalf is not completed, if such non-completion is owing or attributable to the Buyers default or neglect. Said commission, plus any applicable taxes, shall be payable on the date set for completion of the purchase of the property or, in the case of a lease or tenancy, the earlier of the date of occupancy by the tenant or the date set for commencement of the lease or tenancy. All amounts set out as commission are to be paid plus applicable taxes on such commission.

This Agreement applies for the purchase or lease of one real property. Notwithstanding the foregoing, in the event that the Buyer leases a property, this agreement remains in force as set out herein for the purchase of the leased property or a property of the general description indicated above. The leasing of a property by the Buyer does not terminate this Agreement with respect to the purchase of a property.

3. REPRESENTATION: This paragraph confirms that the real estate company and the salesperson have explained the different types of agency and other relationships that may occur in a real estate transaction.

3. REPRESENTATION: The Buyer acknowledges that the Brokerage has provided the Buyer with written information explaining agency relationships, including information on Seller Representation, Sub-Agency, Buyer Representation, Multiple Representation and Customer Service. The Brokerage shall assist the Buyer in locating a real property of the general description indicated above and shall represent the Buyer in an endeavour to procure the acceptance of an agreement to purchase or lease such a property.

The Buyer acknowledges that the Buyer may not be shown or offered all properties that may be of interest to the Buyer. The Buyer hereby agrees that the terms of any buyer’s offer or agreement to purchase or lease the property will not be disclosed to any other buyer. The Buyer further acknowledges that the Brokerage may be entering into buyer representation agreements with other buyers who may be interested in the same or similar properties that the Buyer may be interested in buying or leasing and the Buyer hereby consents to the Brokerage entering into buyer representation agreements with other buyers who may be interested in the same or similar properties without any claim by the Buyer of conflict of interest. The Buyer hereby appoints the Brokerage as agent for the purpose of giving and receiving notices pursuant to any offer or agreement to purchase or lease a property negotiated by the Brokerage.

MULTIPLE REPRESENTATION: The Buyer hereby acknowledges that the Brokerage may be entering into listing agreements with sellers of properties the Buyer may be interested in buying or leasing. In the event that the Brokerage has entered into or enters into a listing agreement with the seller of a property the Buyer may be interested in buying or leasing, the Brokerage will obtain the Buyer’s written consent to represent both the Buyer and the seller for the transaction at the earliest practicable opportunity and in all cases prior to any offer to purchase or lease being submitted or presented.

The Buyer understands and acknowledges that the Brokerage must be impartial when representing both the Buyer and the seller and equally protect the interests of the Buyer and the seller in the transaction. The Buyer understands and acknowledges that when representing both the Buyer and the seller, the Brokerage shall have a duty of full disclosure to both the Buyer and the seller, including a requirement to disclose all factual information about the property known to the Brokerage.However, The Buyer further understands and acknowledges that the Brokerage shall not disclose: • that the seller may or will accept less than the listed price, unless otherwise instructed in writing by the seller;• that the Buyer may or will pay more than the offered price, unless otherwise instructed in writing by the Buyer;• the motivation of or personal information about the Buyer or seller, unless otherwise instructed in writing by the party to which the information

applies or unless failure to disclose would constitute fraudulent, unlawful or unethical practice; • the price the Buyer should offer or the price the seller should accept; and• the Brokerage shall not disclose to the Buyer the terms of any other offer.

However, it is understood that factual market information about comparable properties and information known to the Brokerage concerning potential uses for the property will be disclosed to both Buyer and seller to assist them to come to their own conclusions.

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Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be entitled or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices.

MULTIPLE REPRESENTATION AND CUSTOMER SERVICE: The Buyer understands and agrees that the Brokerage also provides representation and customer service to other buyers and sellers. If the Brokerage represents or provides customer service to more than one seller or buyer for the same trade, the Brokerage shall, in writing, at the earliest practicable opportunity and before any offer is made, inform all sellers and buyers of the nature of the Brokerage’s relationship to each seller and buyer.

4. REFERRAL OF PROPERTIES: The Buyer is committing to work with the Brokerage and agrees to communicate to the Brokerage any interest in any property that comes to the Buyer’s attention. The Buyer will be responsible to pay commission to the Brokerage if the Buyer purchases a property during the term of the Buyer Representation Agreement or the holdover period.

4. REFERRAL OF PROPERTIES: The Buyer agrees that during the currency of this Buyer Representation Agreement the Buyer will act in good faith and work exclusively with the Brokerage for the purchase or lease of a real property of the general description indicated above. The Buyer agrees that, during the currency of this Agreement, the Buyer shall advise the Brokerage immediately of any property of interest to the Buyer that came to the Buyer’s attention from any source whatsoever, and all offers to purchase or lease submitted by the Buyer shall be submitted through the Brokerage to the seller. If the Buyer arranges a valid agreement to purchase or lease any property of the general description indicated above that came to the attention of the Buyer during the currency of this Agreement and the Buyer arranges said agreement during the currency of this Agreement or within the Holdover Period after expiration of this Agreement, the Buyer agrees to pay the Brokerage the amount of commission set out above in Paragraph 2 of this Agreement, payable within (5) days following the Brokerage’s written demand therefor.

5. INDEMNIFICATION: The Buyer acknowledges that the Salesperson and the Brokerage are not qualified to determine the physical condition of the property and the Buyer agrees that the Brokerage will not be liable for any defects.

5. INDEMNIFICATION: The Brokerage and representatives of the Brokerage are trained in dealing in real estate but are not qualified in determining the physical condition of the land or any improvements thereon. The Buyer agrees that the Brokerage and representatives of the Brokerage will not be liable for any defects, whether latent or patent, to the land or improvements thereon. All information supplied by the seller or landlord or the listing brokerage may not have been verified and is not warranted by the Brokerage as being accurate and will be relied on by the Buyer at the Buyer’s own risk. The Buyer acknowledges having been advised to make their own enquiries to confirm the condition of the property.

6. FINDERS FEE: This clause provides consent in the event the Brokerage or salesperson receives a finder’s fee or other reward as part of the transaction. This fee may come from a mortgage company. It should be noted that specific consent will be required when it actually happens.

6. FINDERS FEE: The Buyer acknowledges that the Brokerage may be receiving a finder’s fee, reward and/or referral incentive, and the Buyer consents to any such benefit being received and retained by the Brokerage in addition to the commission as described above.

7. CONSUMER REPORTS: The Buyer acknowledges that credit checks and personal information may be referred to in the process of purchasing a property.

7. CONSUMER REPORTS: The Buyer is hereby notified that a Consumer Report containing credit and/or personal information may be referred to in connection with this Agreement and any subsequent transaction.

8. USE AND DISTRIBUTION OF INFORMATION: The following section gives Salespeople the right under the privacy legislation to use personal information provided to them by the Buyer in order to assist in making the transaction happen. It also assures the Buyer that this information will not be distributed to third parties (i.e. pool or moving companies).

8. USE AND DISTRIBUTION OF INFORMATION: The Buyer consents to the collection, use and disclosure of personal information by the Brokerage for such purposes that relate to the real estate services provided by the Brokerage to the Buyer including, but not limited to: locating, assessing and qualifying properties for the Buyer; advertising on behalf of the Buyer; providing information as needed to third parties retained by the Buyer to assist in a transaction (e.g. financial institutions, building inspectors, etc...); and such other use of the Buyer’s information as is consistent with the services provided by the Brokerage in connection with the purchase or prospective purchase of the property.

The Buyer agrees that the sale and related information regarding any property purchased by the Buyer through the Brokerage may be retained and disclosed by the Brokerage and/or real estate board(s) (if the property is an MLS® Listing) for reporting, appraisal and statistical purposes and for such other use of the information as the Brokerage and/or board deems appropriate in connection with the listing, marketing and selling of real estate, including conducting comparative market analyses.

The Buyer acknowledges that the information, personal or otherwise (“information”), provided to the real estate board or association may be stored on databases located outside of Canada, in which case the information would be subject to the laws of the jurisdiction in which the information is located.

9. CONFLICT OR DISCREPANCY: If something is added to the Agreement (usually in a Schedule) then the provision(s) that were added override the text (preset) provisions in the form.

9. CONFLICT OR DISCREPANCY: If there is any conflict or discrepancy between any provision added to this Agreement and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement, including any provisions added to this Agreement, shall constitute the entire Agreement between the Buyer and the Brokerage. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein.

10. SUCCESSORS AND ASSIGNS: In the event one of the parties dies before closing their heirs and executors are bound by the Agreement.10. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms of this Agreement.

11. ELECTRONIC COMMUNICIATION: This Agreement, if necessary, may be sent via electronic means and still be binding on all parties. 11. ELECTRONIC COMMUNICATION: This Agreement and any agreements, notices or other communications contemplated thereby may be transmitted

by means of electronic systems, in which case signatures shall be deemed to be original. The transmission of this Agreement by the Buyer by electronic means shall be deemed to confirm the Buyer has retained a true copy of the Agreement.


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12. ELECTRONIC SIGNATURES: This clause provides consent if the parties use electronic signatures with respect to this Agreement. 12. ELECTRONIC SIGNATURES: If this Agreement has been signed with an electronic signature the parties hereto consent and agree to the use of such

electronic signature with respect to this Agreement pursuant to the Electronic Commerce Act, 2000, S.O. 2000, c17 as amended from time to time.

13. SCHEDULE(S): If additional terms or a specic form or document is added to the form then it is referred to here. 13. SCHEDULE(S):.......................................................................................................................... attached hereto form(s) part of this Agreement.

This section states that the company representing the Buyer will assist the Buyer in locating a property with a general description as indicated above and endeavor to obtain the acceptance of an Offer for the Buyer.THE BROKERAGE AGREES TO REPRESENT THE BUYER IN LOCATING A REAL PROPERTY OF THE GENERAL DESCRIPTION INDICATED ABOVE IN AN ENDEAVOUR TO OBTAIN THE ACCEPTANCE OF AN AGREEMENT TO PURCHASE OR LEASE A PROPERTY ON TERMS SATISFACTORY TO THE BUYER.

The Salesperson signs this on behalf of the Brokerage.

........................................................................................ ............................................ .....................................................................(Authorized to bind the Brokerage) (Date) (Name of Person Signing)

The Buyer acknowledges having read and understood the terms of the Buyer Representation Agreement. THIS AGREEMENT HAS BEEN READ AND FULLY UNDERSTOOD BY ME, I ACCEPT THE TERMS OF THIS AGREEMENT AND I ACKNOWLEDGE ON THIS DATE I HAVE SIGNED UNDER SEAL. Any representations contained herein are true to the best of my knowledge, information and belief.

SIGNED, SEALED AND DELIVERED I have hereunto set my hand and seal:

.............................................................................................. ........................................... ...............................................................(Signature of Buyer) (Seal) (Date) (Tel. No.)

.............................................................................................. ........................................... ...............................................................(Signature of Buyer) (Seal) (Date) (Tel. No.)

The Declaration of Insurance is signed by the Salesperson stating that they carry insurance as required by the Real Estate and Business Brokers Act (REBBA).

DECLARATION OF INSURANCE

The Salesperson/Broker/Broker of Record ................................................................................................................................................... (Name of Salesperson/Broker/Broker of Record)

hereby declares that he/she is insured as required by REBBA.

............................................................................................................................................................................. (Signature(s) of Salesperson/Broker/Broker of Record)

ACKNOWLEDGEMENTThe Buyer(s) hereby acknowledge that the Buyer(s) fully understand the terms of this Agreement and have received a copy of this Agreement

on the ……................................. day of ………..................………...........................….…………...................…………, 20 …...........................………...

................................................................................................................................................... ..................................................................(Signature of Buyer) (Date)

................................................................................................................................................... ..................................................................(Signature of Buyer) (Date)

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Agreement of Purchase and SaleForm 100for use in the Province of Ontario

GENERAL USE: The Agreement of Purchase and Sale is the document used to state the Buyer’s desire to purchase the property, and to negotiate the terms of the sale. It is often referred to as an “Offer”. This document also allows the Buyer an opportunity to set out in detail all of the terms and conditions they wish to be part of their Offer when buying the Seller’s property. Common examples of a Buyer’s conditions include arranging financing (a mortgage) for the property to be purchased, completing a home inspection, arranging for fire insurance or ensuring they can sell their current home before purchasing. After the Offer is prepared and signed by the Buyer, it is presented to the Seller for consideration and possible acceptance. The Seller, in turn, may want to make changes to the Offer for the Buyer’s consideration. This process can continue back and forth several times in an effort to reach an agreement.

This line below states the date that the document is created. This date is used to identify or reference this Offer.

This Agreement of Purchase and Sale dated this ....................... day of .................................................................................................... 20............

BUYER : ......................................................................................................................................................................, agrees to purchase from (Full legal names of all Buyers)

SELLER : ....................................................................................................................................................................................., the following (Full legal names of all Sellers)

REAL PROPERTY:

Address ...........................................................................................................................................................................................................

fronting on the ................................................................................... side of ....................................................................................................

in the ...............................................................................................................................................................................................................

and having a frontage of ............................................................... more or less by a depth of ............................................................ more or less

and legally described as ....................................................................................................................................................................................

................................................................................................................................................................................................. (the “property”) (Legal description of land including easements not described elsewhere)

PURCHASE PRICE: Dollars (CDN$) ..........................................

............................................................................................................................................................................................................. Dollars

DEPOSIT: A Buyer typically submits a deposit on the purchase of the property. It demonstrates the Buyer’s sincerity and good faith in the purchase transaction. When a deposit is to be delivered can vary at the discretion of the Buyer to be accepted or negotiated by the Seller.

DEPOSIT: Buyer submits ................................................................................................................................................................................... (Herewith/Upon Acceptance/as otherwise described in this Agreement)

..................................................................................................................................................... Dollars (CDN$) ..........................................

by negotiable cheque payable to ............................................................................................................................ “Deposit Holder” to be held in trust pending completion or other termination of this Agreement and to be credited toward the Purchase Price on completion. For the purposes of this Agreement, “Upon Acceptance” shall mean that the Buyer is required to deliver the deposit to the Deposit Holder within 24 hours of the acceptance of this Agreement. The parties to this Agreement hereby acknowledge that, unless otherwise provided for in this Agreement, the Deposit Holder shall place the deposit in trust in the Deposit Holder’s non-interest bearing Real Estate Trust Account and no interest shall be earned, received or paid on the deposit.

Buyer agrees to pay the balance as more particularly set out in Schedule A attached.

SCHEDULE(S) A..............................................................................................................attached hereto form(s) part of this Agreement.

INITIALS OF BUYER(S): INITIALS OF SELLER(S):

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1. IRREVOCABLE: The party submitting the Offer to the other side agrees to allow the other side until this time and date to consider and accept the Offer. The submitting party is not permitted to withdraw their Offer prior to that time. The Seal beside their signature shows that the submitting party has received something of value for this irrevocable Offer.

1. IRREVOCABILITY: This offer shall be irrevocable by ..................................................................... until ............................... on the .............. (Seller/Buyer) (a.m./p.m.)

day of ................................................................... 20 ........., after which time, if not accepted, this offer shall be null and void and the deposit shall be returned to the Buyer in full without interest.

2. COMPLETION DATE: This is the date the transaction is scheduled to be completed. Unless there is a provision elsewhere in the Agreement, the property is to be vacant. This date is not to be on a weekend or a statutory holiday.

2. COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the .............. day of ...................................................

20 ............... Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided for in this Agreement.

3. NOTICES: Under the Agreement there will be requirements to deliver notices to the other side. This provision highlights various methods that would be available to deliver notices.

3. NOTICES: The Seller hereby appoints the Listing Brokerage as agent for the Seller for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage (Buyer’s Brokerage) has entered into a representation agreement with the Buyer, the Buyer hereby appoints the Buyer’s Brokerage as agent for the purpose of giving and receiving notices pursuant to this Agreement. Where a Brokerage represents both the Seller and the Buyer (multiple representation), the Brokerage shall not be appointed or authorized to be agent for either the Buyer or the Seller for the purpose of giving and receiving notices. Any notice relating hereto or provided for herein shall be in writing. In addition to any provision contained herein and in any Schedule hereto, this offer, any counter-offer, notice of acceptance thereof or any notice to be given or received pursuant to this Agreement or any Schedule hereto (any of them, “Document”) shall be deemed given and received when delivered personally or hand delivered to the Address for Service provided in the Acknowledgement below, or where a facsimile number or email address is provided herein, when transmitted electronically to that facsimile number or email address, respectively, in which case, the signature(s) of the party (parties) shall be deemed to be original.

FAX No.: ...................................................................................... FAX No.: .......................................................................................... (For delivery of Documents to Seller) (For delivery of Documents to Buyer)

Email Address: .............................................................................. Email Address: .................................................................................. (For delivery of Documents to Seller) (For delivery of Documents to Buyer)

4. CHATTELS INCLUDED: In this section of the Agreement, the Buyer would list the items that the Buyer wished to include in the purchase price. Subject to the Seller’s agreement, these might include appliances, and other items that were not attached. To avoid disputes later the items should be described in detail. This might include GE Stove, Kenmore Refrigerator and might involve adding serial numbers. The rule to follow is “when in doubt, spell it out”.

4. CHATTELS INCLUDED:.............................................................................................................................................................................

...............................................................................................................................................................................................................

...............................................................................................................................................................................................................

...............................................................................................................................................................................................................

...............................................................................................................................................................................................................

Unless otherwise stated in this Agreement or any Schedule hereto, Seller agrees to convey all fixtures and chattels included in the Purchase Price free from all liens, encumbrances or claims affecting the said fixtures and chattels.


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5. FIXTURES EXCLUDED: If the Seller wished to remove an item that had been attached to the home, such as a “dining room light fixture” this would have to be detailed here.

5. FIXTURES EXCLUDED:.............................................................................................................................................................................

................................................................................................................................................................................................................

................................................................................................................................................................................................................

................................................................................................................................................................................................................

................................................................................................................................................................................................................

6. RENTAL ITEMS: This has become an important issue in recent times. There are a number of items that potentially are not owned by the Seller but rather leased or rented. The Seller would have to identify these to a Buyer. An important issue these days is the “hot water tank”. These may be rented or more frequently now, on a contract for “lease to own”.

6. RENTAL ITEMS (Including Lease, Lease to Own): The following equipment is rented and not included in the Purchase Price. The Buyer agrees to assume the rental contract(s), if assumable:

................................................................................................................................................................................................................

................................................................................................................................................................................................................

................................................................................................................................................................................................................

The Buyer agrees to co-operate and execute such documentation as may be required to facilitate such assumption.

7. HST: This section indicates how the Harmonized Sales Tax will impact the sale price if at all.

7. HST: If the sale of the property (Real Property as described above) is subject to Harmonized Sales Tax (HST), then such tax shall be

............................................................... the Purchase Price. If the sale of the property is not subject to HST, Seller agrees to certify on or before (included in/in addition to)

closing, that the sale of the property is not subject to HST. Any HST on chattels, if applicable, is not included in the Purchase Price.

8. TITLE SEARCH: There are a number of searches that a lawyer may undertake when working on a real estate purchase. This paragraph sets out the times for those searches to be done. These searches may include the title search or work orders among others.

8. TITLE SEARCH: Buyer shall be allowed until 6:00 p.m. on the .............. day of ......................................................., 20..........., (Requisition Date) to examine the title to the property at Buyer’s own expense and until the earlier of: (i) thirty days from the later of the Requisition Date or the date on which the conditions in this Agreement are fulfilled or otherwise waived or; (ii) five days prior to completion, to satisfy Buyer that there are no outstanding

work orders or deficiency notices affecting the property, and that its present use (....................................................................................) may be lawfully continued and that the principal building may be insured against risk of fire. Seller hereby consents to the municipality or other governmental agencies releasing to Buyer details of all outstanding work orders and deficiency notices affecting the property, and Seller agrees to execute and deliver such further authorizations in this regard as Buyer may reasonably require.

9. FUTURE USE: This sets out the Buyer is entitled to get what the Agreement provides when it comes to the use of the property. If the Buyer intends on turning the property into a commercial use in the future there are no assurances that the Buyer will be able to do so in the future.

9. FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any kind that the future intended use of the property by Buyer is or will be lawful except as may be specifically provided for in this Agreement.


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10. TITLE: This paragraph sets out that the Buyer is entitled to good title subject to a number of items. These items include having the title subject to minor utility easements for gas, water hydro and so on. The Buyer will also have to accept restrictive covenants provided they are complied with.

10. TITLE: Provided that the title to the property is good and free from all registered restrictions, charges, liens, and encumbrances except as otherwise specifically provided in this Agreement and save and except for (a) any registered restrictions or covenants that run with the land providing that such are complied with; (b) any registered municipal agreements and registered agreements with publicly regulated utilities providing such have been complied with, or security has been posted to ensure compliance and completion, as evidenced by a letter from the relevant municipality or regulated utility; (c) any minor easements for the supply of domestic utility or telecommunication services to the property or adjacent properties; and (d) any easements for drainage, storm or sanitary sewers, public utility lines, telecommunication lines, cable television lines or other services which do not materially affect the use of the property. If within the specified times referred to in paragraph 8 any valid objection to title or to any outstanding work order or deficiency notice, or to the fact the said present use may not lawfully be continued, or that the principal building may not be insured against risk of fire is made in writing to Seller and which Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire (Title Insurance) in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and Seller, Listing Brokerage and Co-operating Brokerage shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, Buyer shall be conclusively deemed to have accepted Seller’s title to the property.

11. CLOSING ARRANGMENTS: Most transactions in Ontario are completed electronically. The following paragraph sets out how this is to be accomplished.

11. CLOSING ARRANGEMENTS: Where each of the Seller and Buyer retain a lawyer to complete the Agreement of Purchase and Sale of the property, and where the transaction will be completed by electronic registration pursuant to Part III of the Land Registration Reform Act, R.S.O. 1990, Chapter L4 and the Electronic Registration Act, S.O. 1991, Chapter 44, and any amendments thereto, the Seller and Buyer acknowledge and agree that the exchange of closing funds, non-registrable documents and other items (the “Requisite Deliveries”) and the release thereof to the Seller and Buyer will (a) not occur at the same time as the registration of the transfer/deed (and any other documents intended to be registered in connection with the completion of this transaction) and (b) be subject to conditions whereby the lawyer(s) receiving any of the Requisite Deliveries will be required to hold same in trust and not release same except in accordance with the terms of a document registration agreement between the said lawyers. The Seller and Buyer irrevocably instruct the said lawyers to be bound by the document registration agreement which is recommended from time to time by the Law Society of Ontario. Unless otherwise agreed to by the lawyers, such exchange of Requisite Deliveries shall occur by the delivery of the Requisite Deliveries of each party to the office of the lawyer for the other party or such other location agreeable to both lawyers.

12. DOCUMENTS AND DISCHARGE: The Seller is to deliver to the Buyer documents in the Seller’s possession respecting the property. These would include copies of surveys and deeds. In the event that there is a mortgage on the title and it is with a chartered bank, trust company, insurance company, credit union or Caisse Populaire, it will most likely not be discharged on or before closing. This paragraph details how this discharge will come about. All other mortgages will have to be discharged by closing.

12. DOCUMENTS AND DISCHARGE: Buyer shall not call for the production of any title deed, abstract, survey or other evidence of title to the property except such as are in the possession or control of Seller. If requested by Buyer, Seller will deliver any sketch or survey of the property within Seller’s control to Buyer as soon as possible and prior to the Requisition Date. If a discharge of any Charge/Mortgage held by a corporation incorporated pursuant to the Trust And Loan Companies Act (Canada), Chartered Bank, Trust Company, Credit Union, Caisse Populaire or Insurance Company and which is not to be assumed by Buyer on completion, is not available in registrable form on completion, Buyer agrees to accept Seller’s lawyer’s personal undertaking to obtain, out of the closing funds, a discharge in registrable form and to register same, or cause same to be registered, on title within a reasonable period of time after completion, provided that on or before completion Seller shall provide to Buyer a mortgage statement prepared by the mortgagee setting out the balance required to obtain the discharge, and, where a real-time electronic cleared funds transfer system is not being used, a direction executed by Seller directing payment to the mortgagee of the amount required to obtain the discharge out of the balance due on completion.

13. INSPECTIONS: This provision sets up that the Buyer has had the opportunity to personally inspect the property. Further the Buyer acknowledges the opportunity to have included a condition clause for review of a property inspection report and agrees that if there is not some other provision respecting this type of report then the Buyer is not going to get an inspection report.

13. INSPECTION: Buyer acknowledges having had the opportunity to inspect the property and understands that upon acceptance of this offer there shall be a binding agreement of purchase and sale between Buyer and Seller. The Buyer acknowledges having the opportunity to include a requirement for a property inspection report in this Agreement and agrees that except as may be specifically provided for in this Agreement, the Buyer will not be obtaining a property inspection or property inspection report regarding the property.


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14. INSURANCE: The Seller is responsible for the property until closing. The Seller is to maintain any insurance policies until completion. In the event the property suffers substantial damage prior to closing, the Buyer can cancel the Agreement or can close and get the proceeds of any insurance.

14. INSURANCE: All buildings on the property and all other things being purchased shall be and remain until completion at the risk of Seller. Pending completion, Seller shall hold all insurance policies, if any, and the proceeds thereof in trust for the parties as their interests may appear and in the event of substantial damage, Buyer may either terminate this Agreement and have all monies paid returned without interest or deduction or else take the proceeds of any insurance and complete the purchase. No insurance shall be transferred on completion. If Seller is taking back a Charge/Mortgage, or Buyer is assuming a Charge/Mortgage, Buyer shall supply Seller with reasonable evidence of adequate insurance to protect Seller’s or other mortgagee’s interest on completion.

15. PLANNING ACT: This clause makes the entire agreement subject to compliance with the Planning Act. The Planning Act governs things such as severance.

15. PLANNING ACT: This Agreement shall be effective to create an interest in the property only if Seller complies with the subdivision control provisions of the Planning Act by completion and Seller covenants to proceed diligently at Seller’s expense to obtain any necessary consent by completion.

16. DOCUMENT PREPARATION: The deed is prepared (except for the Land Transfer Tax affidavit) at the expense of the Seller and any mortgage to be given back at the expense of the Buyer.

16. DOCUMENT PREPARATION: The Transfer/Deed shall, save for the Land Transfer Tax Affidavit, be prepared in registrable form at the expense of Seller, and any Charge/Mortgage to be given back by the Buyer to Seller at the expense of the Buyer. If requested by Buyer, Seller covenants that the Transfer/Deed to be delivered on completion shall contain the statements contemplated by Section 50(22) of the Planning Act, R.S.O.1990.

17. RESIDENCY: The Income Tax Act has sections in it to address a non-resident Seller selling property. To ensure the appropriate taxes are paid, this paragraph discusses what the options are in a real estate transaction.

17. RESIDENCY: (a) Subject to (b) below, the Seller represents and warrants that the Seller is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Seller shall deliver to the Buyer a statutory declaration that Seller is not then a non-resident of Canada; (b) provided that if the Seller is a non-resident under the non-residency provisions of the Income Tax Act, the Buyer shall be credited towards the Purchase Price with the amount, if any, necessary for Buyer to pay to the Minister of National Revenue to satisfy Buyer’s liability in respect of tax payable by Seller under the non-residency provisions of the Income Tax Act by reason of this sale. Buyer shall not claim such credit if Seller delivers on completion the prescribed certificate.

18. ADJUSTMENTS: In a real estate transaction there will be adjustments such as prorating the property taxes. This clause lists the usual adjustments and provides that the Buyer will be responsible for the day of closing.

18. ADJUSTMENTS: Any rents, mortgage interest, realty taxes including local improvement rates and unmetered public or private utility charges and unmetered cost of fuel, as applicable, shall be apportioned and allowed to the day of completion, the day of completion itself to be apportioned to Buyer.

19. PROPERTY ASSESSMENT: The property may be evaluated and re-assessed on an annual basis. The Buyer and Seller agree not to hold the real estate sales people responsible when a change takes place.

19. PROPERTY ASSESSMENT: The Buyer and Seller hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis. The Buyer and Seller agree that no claim will be made against the Buyer or Seller, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction.

20. TIME LIMITS: Dates and times are important and must be adhered to.

20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in writing signed by Seller and Buyer or by their respective lawyers who may be specifically authorized in that regard.


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21. TENDER: Each side must be able to demonstrate that they are ready, willing and able to complete the transaction. For the Buyer generally, they must be able to produce the money to close and for the Seller it is generally produce the Deed and keys.

21. TENDER: Any tender of documents or money hereunder may be made upon Seller or Buyer or their respective lawyers on the day set for completion. Money shall be tendered with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System.

22. FAMILY LAW ACT: The Seller is warranting that they have complied with the Family Law Act insofar as it relates to spousal requirements and that no spouse has a claim to the property other than a spouse who has signed a consent in the area set aside for that signature.

22. FAMILY LAW ACT: Seller warrants that spousal consent is not necessary to this transaction under the provisions of the Family Law Act, R.S.O.1990 unless the spouse of the Seller has executed the consent hereinafter provided.

23. UFFI: The Seller is warranting that they did not install any Urea Formaldehyde Foam Insulation and to the best of their knowledge there is none in the buildings.

23. UFFI: Seller represents and warrants to Buyer that during the time Seller has owned the property, Seller has not caused any building on the property to be insulated with insulation containing ureaformaldehyde, and that to the best of Seller’s knowledge no building on the property contains or has ever contained insulation that contains ureaformaldehyde. This warranty shall survive and not merge on the completion of this transaction, and if the building is part of a multiple unit building, this warranty shall only apply to that part of the building which is the subject of this transaction.

24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: This clause states that no information the Buyer and Seller have been given by the real estate sales people shall be considered to be Legal, Accounting or Environmental Advice. If these factors impact the transaction or valuation, the Buyers and Sellers should seek independent professional expert advice.

24. LEGAL, ACCOUNTING AND ENVIRONMENTAL ADVICE: The parties acknowledge that any information provided by the brokerage is not legal, tax or environmental advice.

25. CONSUMER REPORTS: The following paragraph notifies the Buyer that a personal or credit check may be obtained and referred to.

25. CONSUMER REPORTS: The Buyer is hereby notified that a consumer report containing credit and/or personal information may be referred to in connection with this transaction.

26. AGREEMENT IN WRITING: If there is a conflict or discrepancy between any of the pre-set (preprinted) clauses and anything that has been added to the Agreement, then added parts supersedes the pre-set clauses. Further there are no other agreements between the Buyer and Seller other than those contained in this Agreement.

26. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Agreement (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein. For the purposes of this Agreement, Seller means vendor and Buyer means purchaser. This Agreement shall be read with all changes of gender or number required by the context.

27. TIME AND DATE: Times and Dates within this Agreement are determined by the location of the property.

27. TIME AND DATE: Any reference to a time and date in this Agreement shall mean the time and date where the property is located.


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28. SUCCESSORS AND ASSIGNS: In the event one of the parties dies before closing their heirs and executors are bound by the Agreement. 28. SUCCESSORS AND ASSIGNS: The heirs, executors, administrators, successors and assigns of the undersigned are bound by the terms herein.

SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal:

............................................................................... ........................................................................ ........................................(Witness) (Buyer) (Seal) (Date)

............................................................................... ........................................................................ ........................................(Witness) (Buyer) (Seal) (Date)

I, the Undersigned Seller, agree to the above offer. I hereby irrevocably instruct my lawyer to pay directly to the brokerage(s) with whom I have agreed to pay commission, the unpaid balance of the commission together with applicable Harmonized Sales Tax (and any other taxes as may hereafter be applicable), from the proceeds of the sale prior to any payment to the undersigned on completion, as advised by the brokerage(s) to my lawyer.

SIGNED, SEALED AND DELIVERED in the presence of: IN WITNESS whereof I have hereunto set my hand and seal:

............................................................................... ........................................................................ ........................................(Witness) (Seller) (Seal) (Date)

............................................................................... ........................................................................ ........................................(Witness) (Seller) (Seal) (Date)

SPOUSAL CONSENT: The undersigned spouse of the Seller hereby consents to the disposition evidenced herein pursuant to the provisions of the Family Law Act, R.S.O.1990, and hereby agrees to execute all necessary or incidental documents to give full force and effect to the sale evidenced herein.

............................................................................... ........................................................................ ........................................(Witness) (Spouse) (Seal) (Date)

CONFIRMATION OF ACCEPTANCE: Notwithstanding anything contained herein to the contrary, I confirm this Agreement with all changes both typed

and written was finally accepted by all parties at ........................... this ................. day of...................................................................., 20........... (a.m./p.m.)

.................................................................................................. (Signature of Seller or Buyer)

INFORMATION ON BROKERAGE(S)

Listing Brokerage ....................................................................................................................... ........................................................... (Tel.No.)

...............................................................................................................................................................................................................(Salesperson/Broker/Broker of Record Name)

Co-op/Buyer Brokerage ............................................................................................................. ........................................................... (Tel.No.)

...............................................................................................................................................................................................................(Salesperson/Broker/Broker of Record Name)

ACKNOWLEDGEMENTI acknowledge receipt of my signed copy of this accepted Agreement of I acknowledge receipt of my signed copy of this accepted Agreement ofPurchase and Sale and I authorize the Brokerage to forward a copy to my lawyer. Purchase and Sale and I authorize the Brokerage to forward a copy to my lawyer.

.......................................................................... ............................ ........................................................................ ...............................(Seller) (Date) (Buyer) (Date)

.......................................................................... ............................ ........................................................................ ...............................(Seller) (Date) (Buyer) (Date)Address for Service ............................................................................ Address for Service ............................................................................

........................................................ ............................................. ........................................................ ............................................. (Tel. No.) (Tel. No.)Seller’s Lawyer ................................................................................... Buyer’s Lawyer ...................................................................................

Address ............................................................................................ Address .............................................................................................

Email ................................................................................................ Email ................................................................................................

....................................................... .............................................. ....................................................... ........... ...................................(Tel. No.) (Fax. No.) (Tel. No.) (Fax. No.)

FOR OFFICE USE ONLY COMMISSION TRUST AGREEMENT

To: Co-operating Brokerage shown on the foregoing Agreement of Purchase and Sale:In consideration for the Co-operating Brokerage procuring the foregoing Agreement of Purchase and Sale, I hereby declare that all moneys received or receivable by me in connection with the Transaction as contemplated in the MLS® Rules and Regulations of my Real Estate Board shall be receivable and held in trust. This agreement shall constitute a Commission Trust Agreement as defined in the MLS® Rules and shall be subject to and governed by the MLS® Rules pertaining to Commission Trust.

DATED as of the date and time of the acceptance of the foregoing Agreement of Purchase and Sale. Acknowledged by:

....................................................................................................................... .............................................................................................(Authorized to bind the Listing Brokerage) (Authorized to bind the Co-operating Brokerage)


Chris CucochRoyal LePage Signature Realty

201-30 Eglinton Ave. W., Mississauga, ON

Tel 647-268-9274

[email protected]

www.cucochteam.com

/ChrisCucochRE

chriscucoch

/ChrisCucoch